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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Assets:    
Cash and cash equivalents $ 204,581 $ 325,498
Total carrying value, net 7,520,105 6,496,977
Real estate owned, net (net of $452 accumulated depreciation in 2021) 153,848 0
Real estate owned, held for sale, net 0 42,905
Other assets 75,830 74,640
Total Assets 7,954,364 6,940,020
Liabilities:    
Convertible senior notes, net 567,785 565,654
Accounts payable, accrued expenses and other liabilities [1] 84,186 74,887
Participations sold 27,662 34,974
Derivative liabilities, net 22,514 31,241
Payable to related party 9,440 9,598
Total Liabilities 5,659,756 4,669,491
Commitments and Contingencies (see Note 17)
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, 139,884,060 and 139,295,867 shares issued and outstanding in 2021 and 2020, respectively 1,399 1,393
Additional paid-in-capital 2,712,212 2,707,792
Accumulated deficit (419,071) (438,724)
Total Stockholders’ Equity 2,294,608 2,270,529
Total Liabilities and Stockholders’ Equity 7,954,364 6,940,020
Secured Debt    
Liabilities:    
Secured debt arrangements, net (net of deferred financing costs of $9,753 and $12,993 in 2021 and 2020, respectively) 3,679,906 3,436,672
Senior secured term loans, net (net of deferred financing costs of $10,098 and $7,130 in 2021 and 2020, respectively) 774,569 483,465
Senior Notes    
Liabilities:    
Senior secured term loans, net (net of deferred financing costs of $10,098 and $7,130 in 2021 and 2020, respectively) 493,694 0
Mortgages    
Liabilities:    
Secured debt arrangements, net (net of deferred financing costs of $9,753 and $12,993 in 2021 and 2020, respectively) 0 33,000
Commercial Mortgage Portfolio Segment    
Assets:    
Total carrying value, net [2],[3] 6,653,197 5,451,084
Liabilities:    
Participations sold 27,662 9,217
Subordinate Mortgage Portfolio Segment    
Assets:    
Total carrying value, net [3] 866,908 1,045,893
Liabilities:    
Participations sold $ 0 $ 25,757
[1] Includes $2,444 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 $5,489,059 and $5,418,999 pledged as collateral under secured debt arrangements in 2021 and 2020, respectively
[3] Net of $183,199 and $213,102 CECL Allowances in 2021 and 2020, respectively, comprised of $145,000 and $175,000 Specific CECL Allowance and $38,199 and $38,102 General CECL Allowance, respectively.