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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash Flows from Operating Activities:    
Net income $ 159,860 $ 59,761
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Amortization of deferred financing costs, premiums and discounts on secured borrowings 12,490 13,205
Amortization of discounts and deferred financing costs on unsecured senior notes 2,300 2,234
Accretion of net discount on investment securities (1,387) (2,094)
Accretion of net deferred loan fees and discounts (19,891) (15,180)
Share-based compensation 10,046 10,936
Manager fees paid in stock 9,762 7,233
Change in fair value of investment securities (915) (82)
Change in fair value of consolidated VIEs 23,769 (4,245)
Change in fair value of servicing rights (228) (304)
Change in fair value of loans 29,013 (8,901)
Change in fair value of affordable housing fund investments 3,896 (1,160)
Change in fair value of derivatives (75,079) 48,431
Foreign currency loss (gain), net 41,870 (15,019)
Gain on sale of investments and other assets (91,962) (190)
Credit loss provision, net 35,839 43,194
Depreciation and amortization 11,049 13,635
Earnings from unconsolidated entities (7,675) (2,725)
Distributions of earnings from unconsolidated entities 1,125 243
Loss on extinguishment of debt 1,704 61
Origination and purchase of loans held-for-sale, net of principal collections (243,325) (28,333)
Proceeds from sale of loans held-for-sale 218,596 13,439
Changes in operating assets and liabilities:    
Related-party payable (590) (1,603)
Accrued and capitalized interest receivable, less purchased interest (15,475) (41,541)
Other assets (9,875) (89,667)
Accounts payable, accrued expenses and other liabilities (38,968) (29,886)
Net cash provided by (used in) operating activities 55,949 (28,558)
Cash Flows from Investing Activities:    
Origination, purchase and funding of loans held-for-investment (265,185) (431,615)
Proceeds from principal collections on loans 1,220,995 407,199
Purchase and funding of investment securities (9,220) (591)
Proceeds from sales and redemptions of investment securities 1,314 0
Proceeds from principal collections on investment securities 19,149 40,778
Proceeds from sales of real estate, net of debt assumed by purchaser 188,040 543
Purchases and additions to properties and other assets (5,576) (5,839)
Distribution of capital from unconsolidated entities 0 277
Payments for purchase or termination of derivatives (781) (3,340)
Proceeds from termination of derivatives 16,925 5,605
Net cash provided by investing activities 1,165,661 13,017
Cash Flows from Financing Activities:    
Proceeds from borrowings 1,234,980 1,202,077
Principal repayments on and repurchases of borrowings (2,165,427) (892,238)
Payment of deferred financing costs (6,574) (2,924)
Proceeds from common stock issuances 1,400 1,269
Payment of dividends (152,305) (149,765)
Distributions to non-controlling interests (9,987) (9,390)
Issuance of debt of consolidated VIEs 3,166 0
Repayment of debt of consolidated VIEs (108) (108)
Distributions of cash from consolidated VIEs 15,022 15,329
Net cash (used in) provided by financing activities (1,079,833) 164,250
Net increase in cash, cash equivalents and restricted cash 141,777 148,709
Cash, cash equivalents and restricted cash, beginning of period 311,972 382,133
Effect of exchange rate changes on cash (1,045) 594
Cash, cash equivalents and restricted cash, end of period 452,704 531,436
Supplemental disclosure of cash flow information:    
Cash paid for interest 367,142 322,932
Income taxes (refunded) paid, net (269) 42
Supplemental disclosure of non-cash investing and financing activities:    
Dividends declared, but not yet paid 152,591 152,551
Deconsolidation of VIEs (VIE asset/liability reductions) (622,077) 0
Debt assumed by purchaser in sale of real estate (194,900) 0
Reclassification of loans held-for-investment to loans held-for-sale 48,695 0
Loan principal collections temporarily held at master servicer $ 5,305 $ 15,197