v3.26.1
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net lncome $ 52,006 $ 46,730
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Amortization of discount/premium, deferred fees and payment-in-kind interest (13,344) (11,794)
Amortization of deferred financing costs 6,886 8,211
Straight-line rent amortization (2,207) 0
Equity-based compensation 6,094 6,830
Increase (decrease) in current expected credit loss allowance, net (382,513) 7,121
Valuation allowance, loans and other lending assets held for sale 0 1,236
Foreign currency gain (11,603) (108,699)
Depreciation and amortization on real estate owned 8,612 4,987
Income from equity method investment 452 1,400
Realized loss on extinguishment of debt 30,714 0
Net realized loss on investment 339,087 0
Changes in operating assets and liabilities:    
Proceeds received from payment-in-kind interest 0 39,136
Other assets 77,123 (13,971)
Accounts payable, accrued expenses and other liabilities (32,931) 5,966
Payable to related party (5,171) (368)
Net cash provided by operating activities 46,483 102,542
Cash flows from investing activities:    
New funding of commercial mortgage loans (299,900) (1,376,101)
Add-on funding of commercial mortgage loans (368,273) (444,655)
Add-on funding of subordinate loans (5,533) (22,545)
Proceeds received from the repayment and sale of commercial mortgage loans 9,497,267 653,916
Proceeds received from the repayment of subordinate loans and other lending assets 67,578 79,207
Contributions to equity method investment (1,657) (4,203)
Origination fees, other fees, and cost recovery proceeds received on commercial mortgage loans, and subordinate loans, net 4,772 26,899
Increase (decrease) in collateral related to derivative contracts, net 27,440 (110,560)
Capital expenditures on real estate owned assets (22,210) (57,363)
Net cash provided by (used in) investing activities 8,899,484 (1,255,405)
Cash flows from financing activities:    
Proceeds from secured debt arrangements 594,095 2,008,388
Proceeds related to financing on real estate owned 19,435 50,927
Repayments of secured debt arrangements (6,929,540) (934,352)
Repayments of senior secured term loan principal (746,250) (11,250)
Repayments of senior secured notes (500,000) 0
Payment of deferred financing costs (6,456) (15,499)
Payment of issuance discount 0 (5,625)
Repayments of mortgages on real estate owned (73,700) 0
Payment of withholding tax on RSU delivery (5,576) (4,947)
Repurchase of common stock (123,528) 0
Dividends on common stock (70,352) (70,694)
Dividends on preferred stock (6,136) (6,136)
Net cash provided by (used in) financing activities (7,848,008) 1,010,812
Net increase (decrease) in cash and cash equivalents 1,097,959 (142,051)
Cash and cash equivalents beginning of period 139,825 317,396
Effects of foreign currency translation on cash and cash equivalents 1,696 2,278
Cash and cash equivalents end of period 1,239,480 177,623
Supplemental disclosure of cash flow information:    
Interest paid 180,783 223,110
Income tax paid 27 114
Change in loan proceeds held by servicer (4,151) (46,313)
Supplemental disclosure of non-cash investing and financing activities:    
Dividend declared, not yet paid 492,416 38,360
Deferred financing costs accrued, not yet paid 0 1,274
Restructuring of subordinate loan to commercial mortgage loan 0 148,034
Foreign Exchange Forward    
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Unrealized loss on derivatives (26,722) 115,511
Interest rate caps and swaps    
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Unrealized loss on derivatives $ 0 $ 246