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Condensed Consolidated Statement of Cash Flows (Unaudited)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
Mar. 31, 2024
USD ($)
Cash flows from operating activities:    
Net Income (Loss) $ 25,991 $ (104,524)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Amortization of discount/premium, deferred fees and payment-in-kind interest (5,642) (6,716)
Amortization of deferred financing costs 3,779 4,027
Equity-based compensation 3,430 4,188
Increase in current expected credit loss allowance, net 4,008 147,684
Valuation allowance, commerical mortgage loan held for sale 0 679
Foreign currency loss (gain) (35,994) 20,881
Depreciation and amortization on real estate owned 2,456 4,656
Changes in operating assets and liabilities:    
Other assets (3,567) (12,575)
Accounts payable, accrued expenses and other liabilities 3,014 12,532
Payable to related party (162) (130)
Net cash provided by operating activities 39,316 52,843
Cash flows from investing activities:    
New funding of commercial mortgage loans (460,452) 0
Add-on funding of commercial mortgage loans (59,225) (308,032)
Add-on funding of subordinate loans (13,642) (13,734)
Proceeds received from the repayment and sale of commercial mortgage loans 138,024 168,526
Proceeds received from the repayment of subordinate loans and other lending assets 0 102
Contributions to equity method investment (3,256) 0
Origination fees, other fees, and cost recovery proceeds received on commercial mortgage loans, and subordinate loans, net 6,854 4,346
Increase (decrease) in collateral related to derivative contracts, net (41,140) 20,020
Capital expenditures on real estate owned assets (24,867) (37,901)
Net cash used in investing activities (457,704) (166,673)
Cash flows from financing activities:    
Proceeds from secured debt arrangements 406,830 548,557
Proceeds related to financing on real estate owned 20,514 0
Repayments of secured debt arrangements (111,498) (433,604)
Repayments of senior secured term loan principal (2,000) (2,000)
Payment of deferred financing costs (4,073) (3,454)
Payment of withholding tax on RSU delivery (4,947) (7,274)
Dividends on common stock (35,416) (50,839)
Dividends on preferred stock (3,068) (3,068)
Net cash provided by financing activities 266,342 48,318
Net decrease in cash and cash equivalents, including cash classified within assets related to real estate owned, held for sale (152,046) (65,512)
Decrease (increase) in cash classified within assets related to real estate owned, held for sale 0 577
Net increase (decrease) in cash and cash equivalents (152,046) (64,935)
Cash and cash equivalents beginning of period 317,396 225,438
Effects of foreign currency translation on cash and cash equivalents 1,074 687
Cash and cash equivalents end of period 166,424 161,190
Supplemental disclosure of cash flow information:    
Interest paid 102,020 116,463
Change in loan proceeds held by servicer (47,002) 1,624
Supplemental disclosure of non-cash investing and financing activities:    
Dividend declared, not yet paid 38,347 53,688
Transfer of assets related to real estate owned, held for sale to assets related to real estate owned held for investment, net 0 70,688
Transfer of assets related to real estate owned, held for sale to other assets 0 2,280
Transfer of liabilities related to real estate owned, held for sale to accounts payable, accrued expenses and other liabilities 0 3,937
Transfer of commercial mortgage loan to commercial mortgage loan, held for sale 0 135,465
Foreign Exchange Forward    
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Unrealized loss (gain) on derivatives 41,829 (18,053)
Interest rate caps and swaps    
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Unrealized loss (gain) on derivatives $ 174 $ 194