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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash Flows from Operating Activities:    
Net loss $ (63,674) $ (110,530)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Net amortization 14,673 21,385
Depreciation and amortization expense related to operating real estate 32,942 18,371
Realized losses, net 19,404 2,220
Unrealized (gains) losses, net (41,046) 55,738
Gains on derivative instruments, net (4,042) (38,204)
Gain on sale of real estate (18,164) (1,879)
Gain on de-consolidation of joint venture equity investment in Consolidated VIEs (3,703) 0
Impairment of real estate 48,142 71,296
Loss on reclassification of disposal group 14,636 0
Loss on extinguishment of collateralized debt obligations and mortgages payable on real estate 2,391 693
Income from preferred equity, mezzanine loan and equity investments (18,110) (17,427)
Distributions of income from preferred equity, mezzanine loan and equity investments 11,889 16,664
Stock based compensation expense, net 3,501 5,920
Cash reclassified from (to) assets of disposal group held for sale 2,632 (915)
Changes in operating assets and liabilities (16,516) (6,458)
Net cash (used in) provided by operating activities (15,045) 16,874
Cash Flows from Investing Activities:    
Proceeds from sales of investment securities 0 25,367
Principal paydowns received on investment securities 171,415 27,232
Purchases of investment securities (1,535,586) (1,593,094)
Principal repayments received on preferred equity and mezzanine loan investments 5,100 8,460
Return of capital from equity investments 5,000 50,775
Funding of preferred equity, mezzanine loan and equity investments (1,258) (39,147)
Net variation margin (paid) received for derivative instruments (17,046) 34,683
Net payments received from derivative instruments 25,957 18,756
Net proceeds from sale of real estate 113,587 191,304
Proceeds from sale of joint venture equity investments in Consolidated VIEs 800 0
Decrease in cash from de-consolidation of Consolidated VIEs (2,495) 0
Purchases of investments held in Consolidated SLST (9,857) 0
Capital expenditures on real estate (21,194) (44,804)
Purchases of other assets (65) (59)
Net cash used in investing activities (1,660,170) (822,540)
Cash Flows from Financing Activities:    
Net proceeds received from repurchase agreements 1,135,835 1,255,385
Proceeds from issuance of senior unsecured notes 60,000 0
Proceeds from issuance of collateralized debt obligations 1,055,392 0
Repurchases of common stock (3,493) (8,615)
Repurchases of preferred stock 0 (2,439)
Dividends paid on common stock and dividend equivalents (56,829) (101,595)
Dividends paid on preferred stock (31,299) (31,451)
Net distributions to non-controlling interests in Consolidated VIEs (7,388) (8,391)
Payments made on and extinguishment of collateralized debt obligations (398,762) (161,065)
Payments made on Consolidated SLST CDOs (43,624) (33,439)
Net payments made on mortgages payable on real estate (33,262) (128,232)
Net cash provided by financing activities 1,676,570 780,158
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 1,355 (25,508)
Cash, Cash Equivalents and Restricted Cash - Beginning of Period 330,642 380,938
Cash, Cash Equivalents and Restricted Cash - End of Period 331,997 355,430
Supplemental Disclosure:    
Cash paid for interest 248,939 175,120
Cash (refunds received) paid for income taxes (105) 268
Non-Cash Investment Activities:    
Purchase of investment securities not yet settled 0 4,916
De-consolidation of real estate held in Consolidated VIEs 444,392 0
De-consolidation of mortgages payable on real estate held in Consolidated VIEs 446,832 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 68,229 13,913
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 30,640  
Mortgages and notes payable assumed by purchaser of real estate held for sale in Consolidated VIEs 24,073 0
Common Stock    
Non-Cash Financing Activities:    
Dividends declared on stock to be paid in subsequent period 20,186 30,132
Preferred Stock    
Non-Cash Financing Activities:    
Dividends declared on stock to be paid in subsequent period 10,454 10,435
Residential Loans    
Cash Flows from Investing Activities:    
Principal repayments received on residential loans 800,761 853,557
Proceeds from sales of residential loans 149,833 19,210
Purchases of residential loans $ (1,345,122) $ (374,780)