v3.22.2.2
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows provided by operating activities:    
Net income $ 269,219 $ 186,418
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of discount/premium and PIK (39,828) (61,029)
Amortization of deferred financing costs 8,582 9,358
Equity-based compensation 13,734 13,149
Reversal of current expected credit loss allowance, net [1] (37,897) (36,590)
Foreign currency loss 199,587 28,155
Unrealized gain on derivative instruments (232,431) (41,028)
Depreciation and amortization 704 1,548
Loss from unconsolidated joint venture 0 161
Realized (gain) loss and impairments on investments and real estate owned (43,577) 20,550
Changes in operating assets and liabilities:    
Proceeds received from PIK interest 83,731 35,400
Other assets (24,149) 772
Accounts payable, accrued expenses and other liabilities 27,454 8,024
Payable to related party (11) (15)
Net cash provided by operating activities 225,118 164,873
Cash flows used in investing activities:    
New funding of commercial mortgage loans (2,753,609) (1,463,619)
Add-on funding of commercial mortgage loans (407,063) (226,773)
Add-on funding of subordinate loans and other lending assets (85,964) (132,302)
Proceeds received from the repayment and sale of commercial mortgage loans 1,316,431 725,196
Proceeds received from the repayment of subordinate loans and other lending assets 129,760 236,770
Origination and exit fees received on commercial mortgage loans, and subordinate loans and other lending assets, net 42,779 21,058
Proceeds received from the sale of real estate owned, held for sale 0 42,356
Capital expenditures on real estate assets (21,160) (65)
Cash received from hotel title assumption 0 4,148
Increase in collateral related to derivative contracts, net 255,110 29,450
Net cash used in investing activities (1,523,716) (763,781)
Cash flows provided by financing activities:    
Payment of offering costs 0 (40)
Proceeds from secured debt arrangements 2,770,405 1,173,613
Repayments of secured debt arrangements (1,118,630) (1,126,627)
Repayments of senior secured term loan principal (6,000)  
Repayments of senior secured term loan principal   (5,250)
Repayments of convertible notes (345,000) 0
Proceeds from issuance of senior secured term loan 0 297,000
Proceeds from issuance of senior secured notes 0 500,000
Repayment of debt related to real estate owned 0 (143,073)
Proceeds related to financing on real estate owned 164,835 0
Payment of deferred financing costs (15,333) (14,816)
Other financing activities (6,972) (4,278)
Dividends on common stock (150,467) (149,809)
Dividends on preferred stock (9,204) (9,896)
Net cash provided by financing activities 1,283,634 516,824
Net decrease in cash and cash equivalents, including cash classified within assets related to real estate owned, held for sale (14,964) (82,084)
Less increase in cash classified within assets related to real estate owned, held for sale (5,858) 0
Net decrease in cash and cash equivalents (20,822) (82,084)
Cash and cash equivalents, beginning of period 343,106 325,498
Cash and cash equivalents, end of period 319,264 243,414
Effects of foreign currency translation on cash and cash equivalents (3,020) 0
Supplemental disclosure of cash flow information:    
Interest paid 151,348 96,092
Supplemental disclosure of non-cash financing activities:    
Dividend declared, not yet paid 53,175 52,398
Change in participation sold (4,368) 19,644
Change in loan proceeds held by servicer 5,871 8,732
Deferred financing costs, not yet paid 0 4,145
Repayments of PIK on participation sold 0 (27,670)
Assumption of real estate 270,035 154,300
Assumption of debt related to real estate owned 0 (110,073)
Assumption of other assets related to real estate owned 0 1,555
Assumption of accounts payable and other liabilities related to real estate owned 0 (4,641)
Transfer of assets to assets related to real estate owned, held for sale (156,201) 0
Transfer of liabilities to liabilities related to real estate owned, held for sale 6,116 0
Transfer of subordinate loans to real estate owned 0 (45,289)
Transfer of subordinate loans to held for sale 0 41,773
Retirement of Series B Preferred Stock 0 (169,260)
Issuance of Series B-1 Preferred Stock $ 0 $ 169,260
[1] Comprised of $53,000 and $26,000 Specific CECL Reversals and $2,564 and $11,897 of General CECL Reversals for the three and nine months ended September 30, 2022, respectively. Comprised of $0 and $30,000 Specific CECL Reversals and $5,766 and $6,590 of General CECL Reversals for the three and nine months ended September 30, 2021, respectively.