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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Assets:    
Cash and cash equivalents $ 308,052 $ 222,030
Total carrying value, net 8,295,428 8,681,990
Real estate owned, held for investment, net (net of $8,342 accumulated depreciation in 2023) 478,581 302,688
Other assets 135,731 70,607
Assets related to real estate owned, held for sale 79,021 162,397
Derivative assets, net 63,546 128,640
Total Assets 9,360,359 9,568,352
Liabilities:    
Convertible senior notes, net 185,869 229,361
Accounts payable, accrued expenses and other liabilities [1] 165,473 227,360
Debt related to real estate owned, held for investment, net 160,928 160,294
Participations sold 0 25,130
Payable to related party $ 9,390 $ 9,728
Other liability, related and nonrelated party status Related Party [Member] Related Party [Member]
Total Liabilities $ 7,145,368 $ 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, 141,343,177 and 140,595,995 shares issued and outstanding in 2023 and 2022, respectively 1,413 1,406
Additional paid-in-capital 2,718,920 2,716,907
Accumulated deficit (505,410) (363,877)
Total Stockholders’ Equity 2,214,991 2,354,504
Total Liabilities and Stockholders’ Equity 9,360,359 9,568,352
Secured Debt    
Liabilities:    
Secured debt arrangements, net 5,365,427 5,296,825
Senior secures term loans and notes, net 761,605 763,813
Senior Notes    
Liabilities:    
Senior secures term loans and notes, net 495,238 494,844
Mortgages    
Liabilities:    
Secured debt arrangements, net 1,438 6,493
Debt related to real estate owned, held for investment, net 160,900 160,300
Commercial Mortgage Portfolio Segment    
Assets:    
Total carrying value, net [2],[3] 7,831,859 8,121,109
Liabilities:    
Participations sold 0 25,130
Subordinate Mortgage Portfolio Segment    
Assets:    
Total carrying value, net [3],[4] $ 463,569 $ 560,881
[1] Includes $4,834 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 $7,498,831 and $7,482,658 pledged as collateral under secured debt arrangements in 2023 and 2022, respectively.
[3] Net of $225,276 and $159,724 CECL Allowance in 2023 and 2022, respectively, comprised of $193,000 and $133,500 Specific CECL Allowance and $32,276 and $26,224 General CECL Allowance, respectively.
[4] Includes $203,148 and $191,608 pledged as collateral under secured debt arrangements in 2023 and 2022, respectively.