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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash Flows from Operating Activities:    
Net loss $ (104,141) $ (16,658)
Adjustments to reconcile net loss to net cash used in operating activities:    
Net amortization 8,978 14,954
Depreciation and amortization expense related to operating real estate 24,811 12,167
Realized losses (gains), net 18,024 (1,459)
Unrealized losses (gains), net 55,902 (5,557)
Gains on derivative instruments, net (64,682) (17,211)
Gain on sale of real estate (261) (1,879)
Gain on de-consolidation of joint venture equity investment in Consolidated VIE (311) 0
Impairment of real estate 40,319 27,139
Loss on reclassification of disposal group 14,636 0
Loss on extinguishment of collateralized debt obligations and mortgages payable on real estate 692 693
Income from preferred equity, mezzanine loan and equity investments (9,382) (12,532)
Distributions of income from preferred equity, mezzanine loan and equity investments 6,584 12,711
Stock based compensation expense, net 1,066 2,992
Cash reclassified from (to) assets of disposal group held for sale 568 (10,153)
Changes in operating assets and liabilities (6,926) (16,712)
Net cash used in operating activities (14,123) (11,505)
Cash Flows from Investing Activities:    
Proceeds from sales of investment securities 0 595
Principal paydowns received on investment securities 91,509 7,475
Purchases of investment securities (799,550) (651,784)
Principal repayments received on preferred equity and mezzanine loan investments 0 8,460
Return of capital from equity investments 5,000 25,677
Funding of preferred equity, mezzanine loan and equity investments (867) (30,933)
Net variation margin received for derivative instruments 39,017 13,959
Net payments received from derivative instruments 27,665 11,754
Net proceeds from sale of real estate 17,917 189,507
Proceeds from sale of joint venture equity investments in Consolidated VIE 550 0
Decrease in cash from de-consolidation of Consolidated VIE (1,214) 0
Purchases of investments held in Consolidated SLST (9,857) 0
Purchases of and capital expenditures on real estate (13,555) (32,967)
Purchases of other assets (30) (36)
Net cash used in investing activities (826,115) (64,194)
Cash Flows from Financing Activities:    
Net proceeds received from repurchase agreements 478,569 406,527
Proceeds from issuance of senior unsecured notes 60,000 0
Proceeds from issuance of collateralized debt obligations 744,188 0
Repurchases of common stock (3,493) (3,610)
Repurchases of preferred stock 0 (1,026)
Dividends paid on common stock and dividend equivalents (38,711) (74,220)
Dividends paid on preferred stock (20,878) (20,985)
Net distributions to non-controlling interests in Consolidated VIEs (538) (6,729)
Payments made on and extinguishment of collateralized debt obligations (316,571) (106,282)
Payments made on Consolidated SLST CDOs (24,765) (21,572)
Net payments made on mortgages payable on real estate (55) (131,875)
Net cash provided by financing activities 877,746 40,228
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 37,508 (35,471)
Cash, Cash Equivalents and Restricted Cash - Beginning of Period 330,642 380,938
Cash, Cash Equivalents and Restricted Cash - End of Period 368,150 345,467
Supplemental Disclosure:    
Cash paid for interest 157,105 116,494
Cash (refunds received) paid for income taxes (105) 239
Non-Cash Investment Activities:    
De-consolidation of real estate held in Consolidated VIEs 241,916 0
De-consolidation of mortgages payable on real estate held in Consolidated VIEs 242,167 0
Consolidation of residential loans held in Consolidated SLST 285,057 0
Consolidation of Consolidated SLST CDOs 275,200 0
Transfer from residential loans to real estate owned 41,653 4,494
Transfer from residential loans to real estate, net 2,640 0
Non-Cash Financing Activities:    
Dividends declared on stock to be paid in subsequent period 30,361  
Cash, Cash Equivalents and Restricted Cash Reconciliation:    
Cash and cash equivalents 235,514 232,497
Restricted cash included in other assets 132,636 112,970
Total cash, cash equivalents, and restricted cash 368,150 345,467
Common Stock    
Non-Cash Financing Activities:    
Dividends declared on stock to be paid in subsequent period 19,926 29,925
Preferred Stock    
Non-Cash Financing Activities:    
Dividends declared on stock to be paid in subsequent period 10,435 10,466
Residential Loans    
Cash Flows from Investing Activities:    
Principal repayments received on residential loans 507,782 583,760
Proceeds from sales of residential loans 31,918 607
Purchases of residential loans $ (722,400) $ (190,268)