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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash Flows from Operating Activities:    
Net (loss) income $ (297,432) $ 153,596
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Net amortization 18,732 25,470
Depreciation and amortization expense related to operating real estate 120,914 10,019
Realized gains, net (26,788) (20,361)
Unrealized losses (gains), net 279,408 (80,157)
Gain on sale of real estate (17,132) 0
Loss on extinguishment of mortgages payable on real estate and collateralized debt obligations 1,092 1,583
Income from preferred equity, mezzanine loan and equity investments (23,494) (36,144)
Distributions of income from preferred equity, mezzanine loan and equity investments 36,976 37,469
Stock based compensation expense, net 8,612 7,145
Changes in operating assets and liabilities (17,517) (20,621)
Net cash provided by operating activities 83,371 77,999
Cash Flows from Investing Activities:    
Proceeds from sales of investment securities 60,589 248,458
Principal paydowns received on investment securities 24,355 85,379
Purchases of investment securities 0 (53,711)
Principal repayments received on preferred equity and mezzanine loan investments 20,400 50,150
Return of capital from equity investments 39,325 50,275
Funding of preferred equity, mezzanine loan and equity investments (28,086) (53,200)
Funding of joint venture investments in Consolidated VIEs (177,570) (65,195)
Net payments received from derivatives settled during the period 130 0
Net proceeds from sale of real estate 100,203 6,185
Cash received from initial consolidation of VIEs 6,897 3,716
Purchases of and capital expenditures on real estate (196,621) (13,466)
Purchases of other assets (95) (88)
Net cash (used in) provided by investing activities (800,251) 109,518
Cash Flows from Financing Activities:    
Net proceeds received from (payments made on) repurchase agreements 658,173 (72,498)
Proceeds from issuance of senior unsecured notes, net 0 96,267
Proceeds from issuance of collateralized debt obligations, net 741,720 433,241
Repayment of convertible notes (138,000) 0
Repurchases of common stock (21,855) 0
Preferred stock issuance, net 0 138,569
Redemption of preferred stock 0 (104,545)
Dividends paid on common stock and dividend equivalents (114,288) (113,676)
Dividends paid on preferred stock (30,910) (31,233)
Net distributions to non-controlling interest in Consolidated VIEs (6,551) (24)
Payments made on and extinguishment of collateralized debt obligations (118,644) (295,109)
Payments made on Consolidated SLST CDOs (97,604) (113,834)
Net (payments made on) proceeds received from mortgages payable on real estate (13,105) 1,518
Net cash provided by (used in) financing activities 858,936 (61,324)
Net Increase in Cash, Cash Equivalents and Restricted Cash 142,056 126,193
Cash, Cash Equivalents and Restricted Cash - Beginning of Period 337,861 304,490
Cash, Cash Equivalents and Restricted Cash - End of Period 479,917 430,683
Supplemental Disclosure:    
Cash paid for interest 106,005 54,470
Cash paid for income taxes 277 6
Non-Cash Investment Activities:    
Consolidation of real estate held in Consolidated VIEs 664,437 209,345
Consolidation of mortgages payable on real estate held in Consolidated VIEs 524,217 162,238
Transfer from residential loans to real estate owned 2,741 3,787
Non-Cash Financing Activities:    
Dividends declared on stock to be paid in subsequent period 48,558  
Redemption of non-controlling interest by Consolidated VIE 0 3,420
Cash, Cash Equivalents and Restricted Cash Reconciliation:    
Cash and cash equivalents 355,276 408,785
Restricted cash included in other assets 124,641 21,898
Total cash, cash equivalents, and restricted cash 479,917 430,683
Common Stock    
Non-Cash Financing Activities:    
Dividends declared on stock to be paid in subsequent period 38,065 38,302
Preferred Stock    
Non-Cash Financing Activities:    
Dividends declared on stock to be paid in subsequent period 10,493 10,929
Residential loans    
Cash Flows from Investing Activities:    
Principal repayments received on residential loans 1,016,213 759,150
Proceeds from sales of residential loans 0 67,452
Purchases of residential loans $ (1,665,991) $ (975,587)