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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities    
Net income $ 92,560 $ 100,559
Adjustments to reconcile net income to net cash provided by operating activities:    
Accretion of origination fees on loans receivable (10,495) (12,018)
Accretion of origination fees on interests in loans receivable (204) (547)
Amortization of financing costs 9,480 10,975
Non-cash stock-based compensation 604 (190)
Other income   (5,855)
Depreciation on real estate owned 3,938 3,233
Unrealized gain on interest rate cap (2,837)  
Realized gain on sale of loan (30,090)  
Gain on foreclosure of real estate owned   (1,430)
Non-cash advances on loans receivable in lieu of interest (31,282) (39,977)
Non-cash advances on interests in loans receivable in lieu of interest (2,427) (10,140)
Non-cash advances on secured financings in lieu of interest 37 10,886
Repayment of non-cash advances on loans receivable in lieu of interest 18,233 54,608
Repayment of non-cash advances on interests in loans receivable in lieu of interest 13,178 261
Repayment of non-cash advances on secured financings in lieu of interest   (13,458)
Provision (reversal) of current expected credit loss reserve 10,632 (8,107)
Changes in operating assets and liabilities:    
Other assets 133 (2,214)
Other liabilities 798 4,349
Management fee payable - affiliate (140) (112)
Incentive fee payable - affiliate   (187)
Net cash provided by operating activities 72,118 90,636
Cash flows from investing activities    
Loan originations, acquisitions and advances, net of fees (1,549,431) (335,465)
Advances of interests in loans receivable (14,653) (63,818)
Repayments of loans receivable 891,755 663,232
Repayments of interests in loans receivable 165,468 2,429
Proceeds from sale of mortgage loan receivable 132,151  
Extension and exit fees received from loans receivable 3,652 4,213
Extension and exit fees received from interests in loans receivable 502  
Cash, cash equivalents and restricted cash from foreclosure of properties   9,580
Foreclosure of real estate owned   (11,463)
Reserves and deposits held for loans receivable (220) 757
Capital expenditures on real estate assets (1,744)  
Net cash (used in) provided by investing activities (372,520) 269,465
Cash flows from financing activities    
Repurchase of common stock (3,771)  
Contributions from non-controlling interests 906 1,436
Offering costs (300) (30)
Dividends paid on common stock (103,413) (94,530)
Dividends paid on redeemable common stock   (5,470)
Dividends paid on preferred stock   (8)
Proceeds from secured financings 1,507,903 411,395
Payment of financing costs (13,208) (11,776)
Repayments of secured financings (920,306) (581,426)
Repayments of secured term loan (3,814) (3,892)
Repayments of debt related to real estate owned   (10,000)
Net cash provided by (used in) financing activities 463,997 (294,301)
Net increase in cash, cash equivalents and restricted cash 163,595 65,800
Cash, cash equivalents and restricted cash, beginning of period 334,136 430,974
Cash, cash equivalents and restricted cash, end of period 497,731 496,774
Cash and cash equivalents, beginning of period 310,194 427,512
Restricted cash, beginning of period 23,942 3,462
Cash and cash equivalents, end of period 461,002 476,983
Restricted cash, end of period 36,729 19,791
Supplemental disclosure of cash flow information:    
Cash paid for interest 79,859 82,587
Supplemental disclosure of non-cash investing and financing activities:    
Dividends accrued 52,458 53,288
Loan principal payments held by servicer 22,506 2,841
Accrued financing costs 3,938 6,260
Accrued offering costs   1,649
Deposits applied against sale proceeds $ 14,761  
Working capital consolidated   (18,546)
Settlement of loan receivable   103,901
Real estate acquired in settlement of loan receivable   414,000
Assumption of debt related to real estate owned   (300,000)
Conversion of restricted stock units to common shares - common stock   12
Conversion of restricted stock units to common shares - common stock   $ (12)