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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Assets:    
Cash and cash equivalents $ 331,533 $ 222,030
Total carrying value, net 8,472,068 8,681,990
Real estate owned, held for investment, net (net of $7,335 accumulated depreciation in 2023) 539,300 302,688
Assets related to real estate owned, held for sale 0 162,397
Derivative assets, net 88,905 128,640
Other assets 76,423 70,607
Total Assets 9,508,229 9,568,352
Liabilities:    
Convertible senior notes, net 222,467 229,361
Accounts payable, accrued expenses and other liabilities [1] 193,457 227,360
Debt related to real estate owned, held for investment, net 160,611 160,294
Participations sold 0 25,130
Payable to related party 9,534 9,728
Total Liabilities 7,160,668 7,213,848
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 2023 and 2022 (see Note 16) 68 68
Common stock, $0.01 par value, 450,000,000 shares authorized, 141,266,039 and 140,595,995 shares issued and outstanding in 2023 and 2022, respectively 1,413 1,406
Additional paid-in-capital 2,714,555 2,716,907
Accumulated deficit (368,475) (363,877)
Total Stockholders’ Equity 2,347,561 2,354,504
Total Liabilities and Stockholders’ Equity 9,508,229 9,568,352
Secured Debt    
Liabilities:    
Secured debt arrangements, net 5,316,853 5,296,825
Senior secures term loans and notes, net 762,706 763,813
Senior Notes    
Liabilities:    
Senior secures term loans and notes, net 495,040 494,844
Mortgages    
Liabilities:    
Secured debt arrangements, net 0 6,493
Debt related to real estate owned, held for investment, net 160,600 160,300
Commercial Mortgage Portfolio Segment    
Assets:    
Total carrying value, net [2],[3] 7,879,205 8,121,109
Liabilities:    
Participations sold 0 25,130
Subordinate Mortgage Portfolio Segment    
Assets:    
Total carrying value, net [3],[4] $ 592,863 $ 560,881
[1] Includes $4,695 and $4,347 of General CECL Allowance related to unfunded commitments on commercial mortgage loans, subordinate loans and other lending assets, net in 2023 and 2022, respectively.
[2] Includes $7,426,992 and $7,482,658 pledged as collateral under secured debt arrangements in 2023 and 2022, respectively.
[3] Net of $163,767 and $159,724 CECL Allowance in 2023 and 2022, respectively, comprised of $133,500 and $133,500 Specific CECL Allowance and $30,267 and $26,224 General CECL Allowance, respectively.
[4] Includes $194,323 and $191,608 pledged as collateral under secured debt arrangements in 2023 and 2022, respectively.