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Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net Income (Loss) $ (119,636) $ 58,127 $ 265,232
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Amortization of discount/premium and payment-in-kind interest (29,969) (30,845) (50,966)
Amortization of deferred financing costs 17,418 15,962 12,034
Equity-based compensation 16,468 17,444 18,252
Increase (decrease) in current expected credit loss allowance, net 155,784 59,428 (17,623)
Foreign currency loss (gain) 110,430 (40,922) 97,330
Depreciation and amortization on real estate owned 11,668 8,248 704
Gain on extinguishment of debt 0 (495) 0
Net realized loss (gain) on investment 128,191 86,604 (18,683)
Changes in operating assets and liabilities:      
Proceeds received from payment-in-kind interest 0 15,407 83,731
Other assets 14,954 (13,367) (22,910)
Payment for interest rate cap (429) (2,317) 0
Accounts payable, accrued expenses and other liabilities (75,483) (769) 12,500
Payable to related party (825) (175) (45)
Net cash provided by operating activities 200,257 273,862 267,705
Cash flows from investing activities:      
New funding of commercial mortgage loans (1,244,414) (456,167) (3,027,742)
Add-on funding of commercial mortgage loans (573,076) (376,060) (483,795)
Add-on funding of subordinate loans (54,302) (96,879) (113,124)
Proceeds received from the repayment and sale of commercial mortgage loans 2,426,276 1,093,181 1,874,933
Proceeds received from the repayment of subordinate loans and other lending assets 23,122 75,271 279,336
Proceeds received from the sale of other assets [1] 91,892 0 0
Distributions from equity method investment [1] 9,023 0 0
Origination fees, other fees, and cost recovery proceeds received on commercial mortgage loans, and subordinate loans, net 39,554 13,936 46,874
Increase (decrease) in collateral related to derivative contracts, net 28,600 (112,800) 117,200
Capital expenditures on real estate owned assets (169,506) (72,631) (33,035)
Cash received from hotel title assumption 0 569 0
Net cash provided by (used in) investing activities 577,169 68,420 (1,339,353)
Cash flows from financing activities:      
Proceeds from secured debt arrangements 1,998,197 806,843 2,836,372
Proceeds related to financing on real estate owned 162,827 0 164,835
Repayments of secured debt arrangements (2,584,949) (679,339) (1,453,921)
Repayments of senior secured term loan principal (8,000) (8,000) (8,000)
Repayments and repurchases of convertible notes 0 (229,506) (345,000)
Payment of deferred financing costs (10,873) (12,212) (16,494)
Payment of withholding tax on RSU delivery (7,479) (6,855) (6,972)
Repurchase of common stock (40,810) 0 0
Dividends on common stock (185,949) (202,019) (200,574)
Dividends on preferred stock (12,272) (12,272) (12,272)
Net cash provided by (used in) financing activities (689,308) (343,360) 957,974
Net increase (decrease) in cash and cash equivalents, including cash classified within assets related to real estate owned, held for sale 88,118 (1,078) (113,674)
Decrease (increase) in cash classified within assets related to real estate owned, held for sale 577 5,100 (5,677)
Net increase (decrease) in cash and cash equivalents 88,695 4,022 (119,351)
Cash and cash equivalents beginning of period 225,438 222,030 343,106
Effects of foreign currency translation on cash and cash equivalents 3,263 (614) (1,725)
Cash and cash equivalents end of period 317,396 225,438 222,030
Supplemental disclosure of cash flow information:      
Interest paid 495,491 443,626 246,370
Income tax paid 34 795 0
Change in loan proceeds held by servicer 44,572 2,900 (192)
Supplemental disclosure of non-cash investing and financing activities:      
Dividend declared, not yet paid 38,484 53,407 53,711
Change in participation sold 0 (25,130) (1,934)
Assumption of real estate 0 75,000 270,035
Assumption of other assets related to real estate owned 0 2,827 0
Assumption of accounts payable, accrued expenses and other liabilities related to real estate owned 0 (3,396) 0
Transfer of assets to assets related to real estate owned, held for sale 0 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 70,688 151,676 0
Transfer of assets related to real estate owned, held for sale to other assets 2,280 4,357 0
Transfer of liabilities to liabilities related to real estate owned, held for sale 0 1,438 7,156
Transfer of liabilities related to real estate owned, held for sale to accounts payable, accrued expenses and other liabilities 3,937 7,163 0
Transfer of commercial mortgage loan to other assets 20,073    
Note receivable, held for sale [1] 41,200    
Restructuring of commercial mortgage loan to subordinate loan 74,304 0 0
Foreign Exchange Forward      
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Unrealized loss (gain) on derivatives (29,687) 91,434 (104,159)
Interest rate caps and swaps      
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Unrealized loss (gain) on derivatives $ 1,373 $ 10,098 $ (7,692)
[1] Related to our former Massachusetts Healthcare Loan, as defined and discussed in "Note 4 – Commercial Mortgage Loans, Subordinate Loans and Other Lending Assets, Net."