XML 12 R2.htm IDEA: XBRL DOCUMENT v3.21.2
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2021
Dec. 31, 2020
Assets:    
Cash and cash equivalents $ 243,414 $ 325,498
Total carrying value, net 7,257,304 6,496,977
Real estate owned, net (net of $1,548 accumulated depreciation in 2021) 152,817 0
Other assets 54,510 74,640
Derivative assets, net 9,787 0
Real estate owned, held for sale, net 0 42,905
Total Assets 7,717,832 6,940,020
Liabilities:    
Convertible senior notes, net 568,874 565,654
Accounts payable, accrued expenses and other liabilities [1] 99,393 74,887
Participations sold 26,948 34,974
Derivative liabilities, net 0 31,241
Payable to related party 9,583 9,598
Total Liabilities 5,411,390 4,669,491
Commitments and Contingencies (see Note 17)
Stockholders’ Equity:    
Preferred stock, $0.01 par value, 50,000,000 shares authorized, Series B, 0 and 6,770,393 shares issued and outstanding ($0 and $169,260 liquidation preference), respectively, and Series B-1, 6,770,393 and 0 shares issued and outstanding ($169,260 and $0 liquidation preference), respectively (see Note 16) 68 68
Common stock, $0.01 par value, 450,000,000 shares authorized, 139,894,060 and 139,295,867 shares issued and outstanding in 2021 and 2020, respectively 1,399 1,393
Additional paid-in-capital 2,716,617 2,707,792
Accumulated deficit (411,642) (438,724)
Total Stockholders’ Equity 2,306,442 2,270,529
Total Liabilities and Stockholders’ Equity 7,717,832 6,940,020
Secured Debt    
Liabilities:    
Secured debt arrangements, net (net of deferred financing costs of $11,556 and $12,993 in 2021 and 2020, respectively) 3,439,302 3,436,672
Senior secured term loans, net (net of deferred financing costs of $9,466 and $7,130 in 2021 and 2020, respectively) 773,397 483,465
Senior Notes    
Liabilities:    
Senior secured term loans, net (net of deferred financing costs of $9,466 and $7,130 in 2021 and 2020, respectively) 493,893 0
Mortgages    
Liabilities:    
Secured debt arrangements, net (net of deferred financing costs of $11,556 and $12,993 in 2021 and 2020, respectively) 0 33,000
Commercial Mortgage Portfolio Segment    
Assets:    
Total carrying value, net [2],[3] 6,397,772 5,451,084
Liabilities:    
Participations sold 26,948 9,217
Subordinate Mortgage Portfolio Segment    
Assets:    
Total carrying value, net [3] 817,759 1,045,893
Liabilities:    
Participations sold 0 25,757
Subordinate Mortgage Portfolio Segment, Held For Sale    
Assets:    
Total carrying value, net $ 41,773 $ 0
[1] Includes $2,193 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 $5,593,505 and $5,418,999 pledged as collateral under secured debt arrangements in 2021 and 2020, respectively
[3] Net of $177,684 and $213,102 CECL Allowances in 2021 and 2020, respectively, comprised of $145,000 and $175,000 Specific CECL Allowance and $32,684 and $38,102 General CECL Allowance, respectively.