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Consolidated Balance Sheet - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Assets:    
Cash and cash equivalents $ 225,438 $ 222,030
Total carrying value, net 8,358,093 8,681,990
Real estate owned, held for investment, net [1] 519,498 302,688
Other assets 85,623 70,607
Assets related to real estate owned, held for sale 78,653 162,397
Derivative assets, net 29,425 128,640
Total Assets 9,296,730 9,568,352
Liabilities:    
Convertible senior notes, net 0 229,361
Accounts payable, accrued expenses and other liabilities [2] 120,334 227,360
Debt related to real estate owned, held for investment, net 161,562 160,294
Participations sold 0 25,130
Total Liabilities 7,087,997 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, 141,358,605 and 140,595,995 shares issued and outstanding in 2023 and 2022, respectively 1,414 1,406
Additional paid-in-capital 2,727,488 2,716,907
Accumulated deficit (520,237) (363,877)
Total Stockholders’ Equity 2,208,733 2,354,504
Total Liabilities and Stockholders’ Equity 9,296,730 9,568,352
Related Party    
Liabilities:    
Payable to related party 9,553 9,728
Secured Debt    
Liabilities:    
Secured debt arrangements, net 5,538,476 5,296,825
Senior secures term loans and notes, net 759,150 763,813
Senior Notes    
Liabilities:    
Senior secures term loans and notes, net 495,637 494,844
Mortgages    
Liabilities:    
Secured debt arrangements, net 3,285 6,493
Debt related to real estate owned, held for investment, net 161,600 160,300
Commercial Mortgage Portfolio Segment    
Assets:    
Total carrying value, net [3],[4] 7,925,359 8,121,109
Liabilities:    
Participations sold 0 25,130
Subordinate Mortgage Portfolio Segment    
Assets:    
Total carrying value, net [4],[5] $ 432,734 $ 560,881
[1] Includes $154,048 pledged as collateral under secured debt arrangements in 2023.
[2] Includes $4,017 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.
[3] Includes $7,705,491 and $7,482,658 pledged as collateral under secured debt arrangements in 2023 and 2022, respectively.
[4] Net of $219,482 and $159,724 CECL Allowance comprised of $193,000 and $133,500 Specific CECL Allowance and $26,482 and $26,224 General CECL Allowance in 2023 and 2022, respectively.
[5] Includes $232,991 and $191,608 pledged as collateral under secured debt arrangements in 2023 and 2022, respectively.