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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Assets:    
Cash and cash equivalents $ 307,845 $ 222,030
Total carrying value, net 7,974,031 8,681,990
Real estate owned, held for investment, net (net of $9,363 accumulated depreciation in 2023) 495,299 302,688
Other assets 206,578 70,607
Assets related to real estate owned, held for sale 79,188 162,397
Derivative assets, net 94,037 128,640
Total Assets 9,156,978 9,568,352
Liabilities:    
Convertible senior notes, net 176,018 229,361
Accounts payable, accrued expenses and other liabilities [1] 202,901 227,360
Debt related to real estate owned, held for investment, net 161,245 160,294
Participations sold 0 25,130
Total Liabilities 6,945,196 7,213,848
Commitments and Contingencies (see Note 18)
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 17) 68 68
Common stock, $0.01 par value, 450,000,000 shares authorized, 141,353,133 and 140,595,995 shares issued and outstanding in 2023 and 2022, respectively 1,414 1,406
Additional paid-in-capital 2,723,170 2,716,907
Accumulated deficit (512,870) (363,877)
Total Stockholders’ Equity 2,211,782 2,354,504
Total Liabilities and Stockholders’ Equity 9,156,978 9,568,352
Related Party    
Liabilities:    
Payable to related party 9,515 9,728
Secured Debt    
Liabilities:    
Secured debt arrangements, net 5,135,855 5,296,825
Senior secures term loans and notes, net 760,381 763,813
Senior Notes    
Liabilities:    
Senior secures term loans and notes, net 495,437 494,844
Mortgages    
Liabilities:    
Secured debt arrangements, net 3,844 6,493
Debt related to real estate owned, held for investment, net 161,200 160,300
Commercial Mortgage Portfolio Segment    
Assets:    
Total carrying value, net [2],[3] 7,561,254 8,121,109
Liabilities:    
Participations sold 0 25,130
Subordinate Mortgage Portfolio Segment    
Assets:    
Total carrying value, net [3],[4] $ 412,777 $ 560,881
[1] Includes $3,972 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 $7,203,350 and $7,482,658 pledged as collateral under secured debt arrangements in 2023 and 2022, respectively.
[3] Net of $220,305 and $159,724 CECL Allowance in 2023 and 2022, respectively, comprised of $193,000 and $133,500 Specific CECL Allowance and $27,305 and $26,224 General CECL Allowance, respectively.
[4] Includes $213,139 and $191,608 pledged as collateral under secured debt arrangements in 2023 and 2022, respectively.