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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash Flows from Operating Activities:    
Net (loss) income $ (179,538) $ 102,414
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Net amortization 12,833 17,747
Depreciation and amortization expense related to operating real estate 87,981 4,277
Realized gains, net (6,192) (12,047)
Unrealized losses (gains), net 151,353 (50,020)
Gain on sale of real estate (373) 0
Loss on extinguishment of mortgages payable on real estate 603 0
Income from preferred equity, mezzanine loan and equity investments (22,374) (24,564)
Distributions of income from preferred equity, mezzanine loan and equity investments 27,098 30,676
Stock based compensation expense, net 5,334 4,836
Changes in operating assets and liabilities 1,474 472
Net cash provided by operating activities 78,199 73,791
Cash Flows from Investing Activities:    
Proceeds from sales of investment securities 24,374 115,398
Principal paydowns received on investment securities 24,106 30,541
Purchases of investment securities 0 (24,926)
Principal repayments received on preferred equity and mezzanine loan investments 12,950 35,500
Return of capital from equity investments 30,250 50,275
Funding of preferred equity, mezzanine loan and equity investments (19,191) (320)
Funding of joint venture investments in Consolidated VIEs (177,570) (22,400)
Net proceeds from sale of real estate 52,207 4,188
Cash received from initial consolidation of VIEs 6,897 2,723
Purchases of and capital expenditures on real estate (173,539) (2,727)
Purchases of other assets (83) (44)
Net cash (used in) provided by investing activities (1,111,434) 42,922
Cash Flows from Financing Activities:    
Net proceeds received from (payments made on) repurchase agreements 1,138,474 (66,141)
Proceeds from issuance of senior unsecured notes, net 0 96,267
Proceeds from issuance of collateralized debt obligations, net 508,819 178,352
Repayment of convertible notes (138,000) 0
Repurchases of common stock (7,541) 0
Dividends paid on common stock and dividend equivalents (76,249) (75,735)
Dividends paid on preferred stock (20,417) (20,593)
Distributions to non-controlling interest in Consolidated VIEs (2,386) (13)
Payments made on and extinguishment of collateralized debt obligations (86,429) (64,542)
Payments made on Consolidated SLST CDOs (71,654) (68,314)
Net proceeds received from mortgages payable on real estate 2,475 0
Net cash provided by (used in) financing activities 1,247,092 (20,719)
Net Increase in Cash, Cash Equivalents and Restricted Cash 213,857 95,994
Cash, Cash Equivalents and Restricted Cash - Beginning of Period 337,861 304,490
Cash, Cash Equivalents and Restricted Cash - End of Period 551,718 400,484
Supplemental Disclosure:    
Cash paid for interest 60,711 35,194
Cash paid for income taxes 112 6
Non-Cash Investment Activities:    
Consolidation of real estate held in Consolidated VIEs 664,437 73,513
Consolidation of mortgages payable on real estate held in Consolidated VIEs 518,229 61,831
Transfer from residential loans to real estate owned 1,855 2,674
Non-Cash Financing Activities:    
Dividends declared on stock to be paid in subsequent period 49,026  
Cash, Cash Equivalents and Restricted Cash Reconciliation:    
Cash and cash equivalents 407,104 324,927
Restricted cash included in other assets 144,614 75,557
Total cash, cash equivalents, and restricted cash 551,718 400,484
Common Stock    
Non-Cash Financing Activities:    
Dividends declared on stock to be paid in subsequent period 38,533 37,942
Preferred Stock    
Non-Cash Financing Activities:    
Dividends declared on stock to be paid in subsequent period 10,493 10,296
Residential loans    
Cash Flows from Investing Activities:    
Principal repayments received on residential loans 678,617 441,433
Proceeds from sales of residential loans 0 17,944
Purchases of residential loans $ (1,570,452) $ (604,663)