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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash Flows from Operating Activities:      
Net (loss) income $ (77,799) $ (340,649) $ 188,476
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Net amortization 27,500 26,137 32,136
Depreciation and amortization expense related to operating real estate 24,620 126,824 19,250
Realized losses (gains), net 27,059 (26,625) (21,451)
Unrealized (gains) losses, net (97,196) 347,363 (95,649)
Losses (gains) on derivative investments, net 26,378 (27,206) 0
(Gain) loss on sale of real estate (4,763) (17,132) 157
Impairment of real estate 89,548 2,449 0
Loss on reclassification of disposal group 16,163 0 0
Loss (gain) on extinguishment of collateralized debt obligations and mortgages payable on real estate 796 (2,214) 1,583
Income from preferred equity, mezzanine loan and equity investments (28,774) (30,162) (54,507)
Distributions of income from preferred equity, mezzanine loan and equity investments 26,076 49,832 62,375
Stock based compensation expense, net 8,825 11,895 10,239
Cash reclassified to assets of disposal group held for sale 8,267 (13,944) 0
Changes in operating assets and liabilities (16,747) (14,785) (3,697)
Net cash provided by operating activities 29,953 91,783 138,912
Cash Flows from Investing Activities:      
Proceeds from sales of investment securities 64,690 85,437 432,585
Principal paydowns received on investment securities 56,459 24,680 143,996
Purchases of investment securities (2,014,385) (24,879) (53,711)
Principal repayments received on preferred equity and mezzanine loan investments 8,460 29,050 78,190
Return of capital from equity investments 74,275 60,055 123,138
Funding of preferred equity, mezzanine loan and equity investments (52,400) (28,086) (145,143)
Funding of joint venture investments in Consolidated VIEs 0 (177,570) (261,162)
Net variation margin paid for derivative instruments (27,447) 0 0
Net payments received from derivative instruments 24,215 1,881 0
Cash received from initial consolidation of VIEs 102 6,897 27,907
Net proceeds from sale of real estate 221,968 100,666 8,108
Purchases of and capital expenditures on real estate (50,412) (209,372) (46,059)
Purchases of other assets (63) (100) (98)
Net cash used in investing activities (1,219,931) (508,775) (132,949)
Cash Flows from Financing Activities:      
Net proceeds from repurchase agreements 1,730,366 179,033 146,852
Proceeds from issuance of senior unsecured notes, net 0 0 96,267
Proceeds from issuance of collateralized debt obligations, net 0 969,986 433,241
Repurchases of common stock (8,615) (44,399) 0
Preferred stock issuance, net 0 0 210,738
Repurchases of preferred stock (2,439) 0 0
Redemption of preferred stock 0 0 (183,447)
Dividends paid on common stock and dividend equivalents (128,801) (151,753) (151,616)
Dividends paid on preferred stock (41,894) (41,404) (43,232)
Repayment of convertible notes 0 (138,000) 0
Net distributions to non-controlling interests in Consolidated VIEs (8,377) (10,815) (81)
Redemptions of redeemable non-controlling interest in Consolidated VIE (485) (2,015) 0
Payments made on and extinguishment of collateralized debt obligations (204,649) (188,914) (323,045)
Payments made on Consolidated SLST CDOs (46,476) (114,847) (160,762)
Net (payments made on) proceeds received from mortgages payable on real estate (148,948) 3,197 2,493
Net cash provided by financing activities 1,139,682 460,069 27,408
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash (50,296) 43,077 33,371
Cash, Cash Equivalents and Restricted Cash - Beginning of Period 380,938 337,861 304,490
Cash, Cash Equivalents and Restricted Cash - End of Period 330,642 380,938 337,861
Supplemental Disclosure:      
Cash paid for interest 249,854 161,251 71,913
Cash paid for income taxes 225 2,674 296
Non-Cash Investment Activities:      
Consolidation of real estate held in Consolidated VIEs 54,439 664,437 926,756
Consolidation of mortgages payable on real estate held in Consolidated VIEs 45,142 524,217 669,647
Transfer from residential loans to real estate owned 42,485 18,858 4,133
Non-Cash Financing Activities:      
Dividends and dividend equivalents payable 32,151 49,996  
Redemption of non-controlling interest by Consolidated VIE 0 0 3,420
Cash, Cash Equivalents and Restricted Cash Reconciliation:      
Cash and cash equivalents 187,107 244,718 289,602
Restricted cash included in other assets 143,535 136,220 48,259
Total cash, cash equivalents, and restricted cash 330,642 380,938 337,861
Common Stock      
Non-Cash Financing Activities:      
Dividends and dividend equivalents payable 21,716 39,503 38,404
Preferred Stock      
Non-Cash Financing Activities:      
Dividends and dividend equivalents payable 10,435 10,493 9,924
Residential loans      
Cash Flows from Investing Activities:      
Principal repayments received on residential loans 1,062,247 1,361,040 1,063,267
Proceeds from sales of residential loans 25,144 0 77,127
Purchases of residential loans $ (612,784) $ (1,738,474) $ (1,581,094)