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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Assets:    
Cash and cash equivalents $ 294,060 $ 325,498
Total carrying value, net 6,820,074 6,496,977
Other assets 68,882 74,640
Real estate owned, held for sale 42,355 42,905
Total Assets 7,225,371 6,940,020
Liabilities:    
Convertible senior notes, net 566,711 565,654
Senior secured term loans, net (net of deferred financing costs of $10,496 and $7,130 in 2021 and 2020, respectively) 775,974 483,465
Accounts payable, accrued expenses and other liabilities [1] 74,899 74,887
Participations sold 50,709 34,974
Derivative liabilities, net 20,382 31,241
Payable to related party 9,364 9,598
Total Liabilities 4,949,618 4,669,491
Commitments and Contingencies (see Note 16)
Stockholders’ Equity:    
Preferred stock, $0.01 par value, 50,000,000 shares authorized, Series B, 6,770,393 shares issued and outstanding ($169,260 liquidation preference) 68 68
Common stock, $0.01 par value, 450,000,000 shares authorized, 139,848,875 and 139,295,867 shares issued and outstanding in 2021 and 2020, respectively 1,398 1,393
Additional paid-in-capital 2,707,855 2,707,792
Accumulated deficit (433,568) (438,724)
Total Stockholders’ Equity 2,275,753 2,270,529
Total Liabilities and Stockholders’ Equity 7,225,371 6,940,020
Secured Debt    
Liabilities:    
Secured debt arrangements, net (net of deferred financing costs of $11,800 and $12,993 in 2021 and 2020, respectively) 3,418,579 3,436,672
Mortgages    
Liabilities:    
Secured debt arrangements, net (net of deferred financing costs of $11,800 and $12,993 in 2021 and 2020, respectively) 33,000 33,000
Commercial Mortgage Portfolio Segment    
Assets:    
Total carrying value, net [2],[3] 5,754,258 5,451,084
Liabilities:    
Participations sold 23,974 9,217
Subordinate Mortgage Portfolio Segment    
Assets:    
Total carrying value, net [3] 1,065,816 1,045,893
Liabilities:    
Participations sold $ 26,735 $ 25,757
[1] Includes $3,794 and $3,365 of General CECL Allowance related to unfunded commitments on commercial mortgage loans, subordinate loans and other lending assets, net in 2021 and 2020, respectively.
[2] Includes $5,319,621 and $5,418,999 pledged as collateral under secured debt arrangements in 2021 and 2020, respectively
[3] Net of $211,435 and $213,102 CECL Allowances in 2021 and 2020, respectively, comprised of $175,000 Specific CECL Allowance and $36,435 and $38,102 General CECL Allowance, respectively.