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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash Flows from Operating Activities:    
Net loss $ (16,658) $ (179,538)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Net amortization 14,954 12,833
Depreciation and amortization expense related to operating real estate 12,167 87,981
Realized gains, net (4,671) (6,192)
Unrealized (gains) losses, net (19,556) 151,353
Gain on sale of real estate (1,879) (373)
Impairment of real estate 27,139 0
Loss on extinguishment of collateralized debt obligations and mortgages payable on real estate 693 603
Income from preferred equity, mezzanine loan and equity investments (12,532) (22,374)
Distributions of income from preferred equity, mezzanine loan and equity investments 12,711 27,098
Stock based compensation expense, net 2,992 5,334
Changes in operating assets and liabilities (26,865) 1,474
Net cash (used in) provided by operating activities (11,505) 78,199
Cash Flows from Investing Activities:    
Proceeds from sales of investment securities 595 24,374
Principal paydowns received on investment securities 7,475 24,106
Purchases of investment securities (651,784) 0
Principal repayments received on preferred equity and mezzanine loan investments 8,460 12,950
Return of capital from equity investments 25,677 30,250
Funding of preferred equity, mezzanine loan and equity investments (30,933) (19,191)
Funding of joint venture investments in Consolidated VIEs 0 (177,570)
Net payments received from derivative instruments 25,713 0
Net proceeds from sale of real estate 189,507 52,207
Cash received from initial consolidation of VIEs 0 6,897
Purchases of and capital expenditures on real estate (32,967) (173,539)
Purchases of other assets (36) (83)
Net cash used in investing activities (64,194) (1,111,434)
Cash Flows from Financing Activities:    
Net proceeds received from repurchase agreements 406,527 1,138,474
Proceeds from issuance of collateralized debt obligations, net 0 508,819
Repayment of convertible notes 0 (138,000)
Repurchases of common stock (3,610) (7,541)
Repurchases of preferred stock (1,026) 0
Dividends paid on common stock and dividend equivalents (74,220) (76,249)
Dividends paid on preferred stock (20,985) (20,417)
Net distributions to non-controlling interest in Consolidated VIEs (6,729) (2,386)
Payments made on and extinguishment of collateralized debt obligations (106,282) (86,429)
Payments made on Consolidated SLST CDOs (21,572) (71,654)
Net (payments made on) proceeds received from mortgages payable on real estate (131,875) 2,475
Net cash provided by financing activities 40,228 1,247,092
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash (35,471) 213,857
Cash, Cash Equivalents and Restricted Cash - Beginning of Period 380,938 337,861
Cash, Cash Equivalents and Restricted Cash - End of Period 345,467 551,718
Supplemental Disclosure:    
Cash paid for interest 116,494 60,711
Cash paid for income taxes 239 112
Non-Cash Investment Activities:    
Consolidation of real estate held in Consolidated VIEs 0 664,437
Consolidation of mortgages payable on real estate held in Consolidated VIEs 0 518,229
Transfer from residential loans to real estate owned 4,494 1,855
Non-Cash Financing Activities:    
Dividends declared on stock to be paid in subsequent period 40,391  
Cash, Cash Equivalents and Restricted Cash Reconciliation:    
Cash and cash equivalents 232,497 407,104
Restricted cash included in other assets 112,970 144,614
Total cash, cash equivalents, and restricted cash 345,467 551,718
Common Stock    
Non-Cash Financing Activities:    
Dividends declared on stock to be paid in subsequent period 29,925 38,533
Preferred Stock    
Non-Cash Financing Activities:    
Dividends declared on stock to be paid in subsequent period 10,466 10,493
Residential loans    
Cash Flows from Investing Activities:    
Principal repayments received on residential loans 583,760 678,617
Proceeds from sales of residential loans 607 0
Purchases of residential loans $ (190,268) $ (1,570,452)