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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Assets:    
Cash and cash equivalents $ 215,749 $ 343,106
Total carrying value, net 8,350,042 7,857,260
Assets related to real estate owned, held for sale 157,084 0
Other assets 52,892 47,753
Derivative assets, net 41,251 16,788
Real estate owned, net (net of $2,645 accumulated depreciation in 2021) 0 151,788
Total Assets 8,817,018 8,416,695
Liabilities:    
Convertible senior notes, net 573,667 569,979
Accounts payable, accrued expenses and other liabilities [1] 118,133 102,609
Participations sold 26,276 27,064
Payable to related party 9,354 9,773
Total Liabilities 6,566,000 6,122,069
Commitments and Contingencies (see Note 17)
Stockholders’ Equity:    
Preferred stock, $0.01 par value, 50,000,000 shares authorized, Series B-1, 6,770,393 shares issued and outstanding ($169,260 liquidation preference) in 2022 and 2021 (see Note 16) 68 68
Common stock, $0.01 par value, 450,000,000 shares authorized, 140,541,409 and 139,894,060 shares issued and outstanding in 2022 and 2021, respectively 1,405 1,399
Additional paid-in-capital 2,703,354 2,721,042
Accumulated deficit (453,809) (427,883)
Total Stockholders’ Equity 2,251,018 2,294,626
Total Liabilities and Stockholders’ Equity 8,817,018 8,416,695
Secured Debt    
Liabilities:    
Secured debt arrangements, net (net of deferred financing costs of $10,705 and $9,062 in 2022 and 2021, respectively) 4,571,314 4,150,268
Senior secures term loans and notes, net 767,297 768,325
Senior Notes    
Liabilities:    
Senior secures term loans and notes, net 494,247 494,051
Mortgages    
Liabilities:    
Secured debt arrangements, net (net of deferred financing costs of $10,705 and $9,062 in 2022 and 2021, respectively) 5,712 0
Commercial Mortgage Portfolio Segment    
Assets:    
Total carrying value, net [2],[3] 7,586,554 7,012,312
Liabilities:    
Participations sold 26,276 27,064
Subordinate Mortgage Portfolio Segment    
Assets:    
Total carrying value, net [3] $ 763,488 $ 844,948
[1] Includes $3,928 and $3,106 of General CECL Allowance related to unfunded commitments on commercial mortgage loans, subordinate loans and other lending assets, net in 2022 and 2021, respectively.
[2] Includes $6,501,562 and $5,957,707 pledged as collateral under secured debt arrangements in 2022 and 2021, respectively.
[3] Net of $196,377 and $178,588 CECL Allowances in 2022 and 2021, respectively, comprised of $175,000 and $145,000 Specific CECL Allowance and $21,377 and $33,588 General CECL Allowance, respectively.