XML 14 R8.htm IDEA: XBRL DOCUMENT v3.24.3
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net Income (Loss) $ (160,288) $ 11,587
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Amortization of discount/premium and payment-in-kind interest (22,023) (24,928)
Amortization of deferred financing costs 13,400 11,609
Equity-based compensation 12,510 13,091
Increase in current expected credit loss allowance, net 157,043 60,205
Foreign currency loss (gain) (34,803) 21,027
Depreciation and amortization on real estate owned 9,285 7,208
Gain on extinguishment of debt 0 (495)
Net realized loss on investment 128,191 86,604
Changes in operating assets and liabilities:    
Proceeds received from payment-in-kind interest 0 15,407
Other assets (14,676) (2,092)
Payment for interest rate cap (429) (2,317)
Accounts payable, accrued expenses and other liabilities 22,995 9,404
Payable to related party (750) (213)
Net cash provided by operating activities 150,325 243,017
Cash flows from investing activities:    
New funding of commercial mortgage loans (955,328) (181,017)
Add-on funding of commercial mortgage loans (490,864) (264,769)
Add-on funding of subordinate loans (39,883) (77,027)
Proceeds received from the repayment and sale of commercial mortgage loans 1,580,003 749,716
Proceeds received from the repayment of subordinate loans and other lending assets 23,122 75,170
Origination fees, other fees, and cost recovery proceeds received on commercial mortgage loans, and subordinate loans, net 34,468 9,191
Decrease in collateral related to derivative contracts, net (37,370) (39,360)
Capital expenditures on real estate assets (123,275) (47,187)
Cash received from hotel title assumption 0 569
Net cash provided by (used in) investing activities (9,127) 225,286
Cash flows from financing activities:    
Proceeds from secured debt arrangements 1,683,234 356,333
Proceeds related to financing on real estate owned 117,572 0
Repayments of secured debt arrangements (1,752,492) (508,245)
Repayments of senior secured term loan principal (6,000) (6,000)
Repayments and repurchases of convertible notes 0 (53,442)
Payment of deferred financing costs (9,895) (7,189)
Payment of withholding tax on RSU delivery (7,446) (6,820)
Repurchase of common stock (40,809) 0
Dividends on common stock (150,793) (151,556)
Dividends on preferred stock (9,204) (9,204)
Net cash used in financing activities (175,833) (386,123)
Net increase (decrease) in cash and cash equivalents, including cash classified within assets related to real estate owned, held for sale (34,635) 82,180
Decrease in cash classified within assets related to real estate owned, held for sale 577 3,376
Net increase (decrease) in cash and cash equivalents (34,058) 85,556
Cash and cash equivalents beginning of period 225,438 222,030
Effects of foreign currency translation on cash and cash equivalents 2,907 259
Cash and cash equivalents end of period 194,287 307,845
Supplemental disclosure of cash flow information:    
Interest paid 374,071 316,819
Income tax paid 34 795
Change in secured debt repayments pending servicer remittance 73,278 0
Change in loan proceeds held by servicer 99,498 129,670
Supplemental disclosure of non-cash investing and financing activities:    
Dividend declared, not yet paid 38,224 53,531
Change in participation sold 0 (25,130)
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
Transfer of commercial mortgage loan to other assets 159,667 0
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 38,657 27,709
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 $ 1,213 $ 9,211