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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash Flows from Operating Activities:    
Net loss $ (110,530) $ (297,432)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Net amortization 21,385 18,732
Depreciation and amortization expense related to operating real estate 18,371 120,914
Realized losses (gains), net 2,220 (25,867)
Unrealized losses, net 55,738 303,430
Gains on derivative instruments, net (38,204) (24,943)
Gain on sale of real estate (1,879) (17,132)
Impairment of real estate 71,296 0
Loss on extinguishment of collateralized debt obligations and mortgages payable on real estate 693 1,092
Income from preferred equity, mezzanine loan and equity investments (17,427) (23,494)
Distributions of income from preferred equity, mezzanine loan and equity investments 16,664 36,976
Stock based compensation expense, net 5,920 8,612
Cash reclassified to assets of disposal group held for sale (915) (15,200)
Changes in operating assets and liabilities (6,458) (2,317)
Net cash provided by operating activities 16,874 83,371
Cash Flows from Investing Activities:    
Proceeds from sales of investment securities 25,367 60,589
Principal paydowns received on investment securities 27,232 24,355
Purchases of investment securities (1,593,094) 0
Principal repayments received on preferred equity and mezzanine loan investments 8,460 20,400
Return of capital from equity investments 50,775 39,325
Funding of preferred equity, mezzanine loan and equity investments (39,147) (28,086)
Funding of joint venture investments in Consolidated VIEs 0 (177,570)
Net variation margin received for derivative instruments 34,683 0
Net payments received from derivative instruments 18,756 130
Net proceeds from sale of real estate 191,304 100,203
Cash received from initial consolidation of VIEs 0 6,897
Purchases of and capital expenditures on real estate (44,804) (196,621)
Purchases of other assets (59) (95)
Net cash used in investing activities (822,540) (800,251)
Cash Flows from Financing Activities:    
Net proceeds received from repurchase agreements 1,255,385 658,173
Proceeds from issuance of collateralized debt obligations, net 0 741,720
Repayment of convertible notes 0 (138,000)
Repurchases of common stock (8,615) (21,855)
Repurchases of preferred stock (2,439) 0
Dividends paid on common stock and dividend equivalents (101,595) (114,288)
Dividends paid on preferred stock (31,451) (30,910)
Net distributions to non-controlling interest in Consolidated VIEs (8,391) (6,551)
Payments made on and extinguishment of collateralized debt obligations (161,065) (118,644)
Payments made on Consolidated SLST CDOs (33,439) (97,604)
Net payments made on mortgages payable on real estate (128,232) (13,105)
Net cash provided by financing activities 780,158 858,936
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash (25,508) 142,056
Cash, Cash Equivalents and Restricted Cash - Beginning of Period 380,938 337,861
Cash, Cash Equivalents and Restricted Cash - End of Period 355,430 479,917
Supplemental Disclosure:    
Cash paid for interest 175,120 106,005
Cash paid for income taxes 268 277
Non-Cash Investment Activities:    
Purchase of investment securities not yet settled 4,916 0
Consolidation of real estate held in Consolidated VIEs 0 664,437
Consolidation of mortgages payable on real estate held in Consolidated VIEs 0 524,217
Transfer from residential loans to real estate owned 13,913 2,741
Non-Cash Financing Activities:    
Dividends declared on stock to be paid in subsequent period 40,568  
Cash, Cash Equivalents and Restricted Cash Reconciliation:    
Cash and cash equivalents 228,333 355,276
Restricted cash included in other assets 127,097 124,641
Total cash, cash equivalents, and restricted cash 355,430 479,917
Common Stock    
Non-Cash Financing Activities:    
Dividends declared on stock to be paid in subsequent period 30,132 38,065
Preferred Stock    
Non-Cash Financing Activities:    
Dividends declared on stock to be paid in subsequent period 10,435 10,493
Residential loans    
Cash Flows from Investing Activities:    
Principal repayments received on residential loans 853,557 1,016,213
Proceeds from sales of residential loans 19,210 0
Purchases of residential loans $ (374,780) $ (1,665,991)