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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Assets:    
Cash and cash equivalents $ 343,106 $ 325,498
Total carrying value, net 7,857,260 6,496,977
Real estate owned, net (net of $2,645 accumulated depreciation in 2021) 151,788 0
Other assets 47,753 74,640
Derivative assets, net 16,788 0
Real estate owned, held for sale, net 0 42,905
Total Assets 8,416,695 6,940,020
Liabilities:    
Convertible senior notes, net 569,979 565,654
Accounts payable, accrued expenses and other liabilities [1] 102,609 74,887
Participations sold 27,064 34,974
Payable to related party 9,773 9,598
Derivative liabilities, net 0 31,241
Total Liabilities 6,122,069 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), and Series B-1, 6,770,393 and 0 shares issued and outstanding ($169,260 and $0 liquidation preference), in 2021 and 2020, 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 2,721,042 2,707,792
Accumulated deficit (427,883) (438,724)
Total Stockholders’ Equity 2,294,626 2,270,529
Total Liabilities and Stockholders’ Equity 8,416,695 6,940,020
Secured Debt    
Liabilities:    
Secured debt arrangements, net (net of deferred financing costs of $9,062 and $12,993 in 2021 and 2020, respectively) 4,150,268 3,436,672
Senior secured term loans, net (net of deferred financing costs of $12,734 and $7,130 in 2021 and 2020, respectively) 768,325 483,465
Senior Notes    
Liabilities:    
Senior secured term loans, net (net of deferred financing costs of $12,734 and $7,130 in 2021 and 2020, respectively) 494,051 0
Mortgages    
Liabilities:    
Secured debt arrangements, net (net of deferred financing costs of $9,062 and $12,993 in 2021 and 2020, respectively) 0 33,000
Commercial Mortgage Portfolio Segment    
Assets:    
Total carrying value, net [2],[3] 7,012,312 5,451,084
Liabilities:    
Participations sold 27,064 9,217
Subordinate Mortgage Portfolio Segment    
Assets:    
Total carrying value, net [3] 844,948 1,045,893
Liabilities:    
Participations sold $ 0 $ 25,757
[1] Includes $3,106 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 $5,957,707 and $5,418,999 pledged as collateral under secured debt arrangements in 2021 and 2020, respectively.
[3] Net of $178,588 and $213,102 CECL Allowances in 2021 and 2020, respectively, comprised of $145,000 and $175,000 Specific CECL Allowance and $33,588 and $38,102 General CECL Allowance, respectively.