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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
 3 Months Ended
Mar. 31, 2023
USD ($)
Mar. 31, 2022
USD ($)
Cash Flows from Operating Activities:    
Net income (loss) $ 14,162 $ (88,719)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:    
Net amortization 7,744 5,612
Depreciation and amortization expense related to operating real estate 6,039 35,586
Realized gains, net (1,081) (3,806)
Unrealized (gains) losses, net (28,489) 83,659
Gain on sale of real estate 0 (370)
Impairment of real estate, net 10,275 0
(Gain) loss on extinguishment of collateralized debt obligations and mortgages payable on real estate (1,170) 603
Income from preferred equity, mezzanine loan and equity investments (6,948) (10,506)
Distributions of income from preferred equity, mezzanine loan and equity investments 4,209 19,936
Stock based compensation expense, net 50 1,352
Changes in operating assets and liabilities (16,195) (5,165)
Net cash (used in) provided by operating activities (11,404) 38,182
Cash Flows from Investing Activities:    
Proceeds from sales of investment securities 0 24,374
Principal paydowns received on investment securities 3,789 21,303
Purchases of investment securities (106,146) 0
Principal repayments received on preferred equity and mezzanine loan investments 0 9,200
Return of capital from equity investments 4,902 24,250
Funding of preferred equity, mezzanine loan and equity investments (21,948) (19,191)
Funding of joint venture investments in Consolidated VIEs 0 (120,520)
Net payments received from derivative instruments 1,605 0
Net proceeds from sale of real estate 1,114 51,790
Cash received from initial consolidation of VIEs 0 5,423
Purchases of and capital expenditures on real estate (18,138) (103,122)
Purchases of other assets (34) (15)
Net cash provided by (used in) investing activities 57,065 (576,855)
Cash Flows from Financing Activities:    
Net proceeds received from repurchase agreements 50,055 372,281
Proceeds from issuance of collateralized debt obligations, net 0 508,819
Repayment of convertible notes 0 (138,000)
Repurchases of common stock (3,610) 0
Repurchases of preferred stock (320) 0
Dividends paid on common stock and dividend equivalents (37,659) (38,124)
Dividends paid on preferred stock (10,493) (9,924)
Net distributions to non-controlling interest in Consolidated VIEs (4,408) (900)
Payments made on and extinguishment of collateralized debt obligations (80,509) (48,664)
Payments made on Consolidated SLST CDOs (10,493) (33,717)
Net proceeds received from (payments made on) mortgages payable on real estate 13,840 (6,947)
Net cash (used in) provided by financing activities (83,597) 604,824
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash (37,936) 66,151
Cash, Cash Equivalents and Restricted Cash - Beginning of Period 380,938 337,861
Cash, Cash Equivalents and Restricted Cash - End of Period 343,002 404,012
Supplemental Disclosure:    
Cash paid for interest 55,042 25,972
Cash paid for income taxes 0 1
Non-Cash Investment Activities:    
Consolidation of real estate held in Consolidated VIEs 0 462,216
Consolidation of mortgages payable on real estate held in Consolidated VIEs 0 361,735
Transfer from residential loans to real estate owned 326 879
Non-Cash Financing Activities:    
Dividends declared on stock to be paid in subsequent period 49,129  
Cash, Cash Equivalents and Restricted Cash Reconciliation:    
Cash and cash equivalents 227,753 303,762
Restricted cash included in other assets 115,249 100,250
Total cash, cash equivalents, and restricted cash 343,002 404,012
Common Stock    
Non-Cash Financing Activities:    
Dividends declared on stock to be paid in subsequent period 38,644 38,514
Preferred Stock    
Non-Cash Financing Activities:    
Dividends declared on stock to be paid in subsequent period 10,484 10,493
Residential loans    
Cash Flows from Investing Activities:    
Principal repayments received on residential loans 279,089 322,113
Proceeds from sales of residential loans 166 320
Purchases of residential loans $ (87,334) $ (792,780)