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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Assets:    
Cash and cash equivalents $ 161,190 $ 225,438
Commercial mortgage loan, held for sale [1] 135,465 0
Real estate owned, held for investment, net [2] 627,099 519,498
Other assets 103,529 85,623
Derivative assets, net 47,284 29,425
Assets related to real estate owned, held for sale 0 78,653
Total Assets 9,224,992 9,296,730
Liabilities:    
Accounts payable, accrued expenses and other liabilities [3] 155,542 120,334
Debt related to real estate owned, held for investment, net 161,878 161,562
Total Liabilities 7,177,557 7,087,997
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 2024 and 2023 (see Note 17) 68 68
Common stock, $0.01 par value, 450,000,000 shares authorized, 142,096,715 and 140,595,995 shares issued and outstanding in 2024 and 2023, respectively 1,421 1,414
Additional paid-in-capital 2,724,395 2,727,488
Accumulated deficit (678,449) (520,237)
Total Stockholders' Equity 2,047,435 2,208,733
Total Liabilities and Stockholders' Equity 9,224,992 9,296,730
Related Party    
Liabilities:    
Payable to related party 9,423 9,553
Secured Debt    
Liabilities:    
Secured debt arrangements, net 5,596,967 5,538,476
Senior secures term loans and notes, net 757,912 759,150
Senior Notes    
Liabilities:    
Senior secures term loans and notes, net 495,835 495,637
Mortgages    
Liabilities:    
Secured debt arrangements, net 0 3,285
Debt related to real estate owned, held for investment, net 161,900 161,600
Commercial Mortgage Portfolio Segment    
Assets:    
Mortgage loans on real estate, commercial and consumer, net [4],[5] 7,846,460 7,925,359
Commercial mortgage loan, held for sale 135,465 0
Subordinate Mortgage Portfolio Segment    
Assets:    
Mortgage loans on real estate, commercial and consumer, net [5],[6] $ 303,965 $ 432,734
[1] Includes $135,465 pledged as collateral under secured debt arrangements in 2024.
[2] Includes $154,048 pledged as collateral under secured debt arrangements in 2024 and 2023.
[3] Includes $3,625 and $4,017 of General CECL Allowance related to unfunded commitments on commercial mortgage loans and subordinate loans, net in 2024 and 2023, respectively.
[4] Includes $7,642,848 and $7,705,491 pledged as collateral under secured debt arrangements in 2024 and 2023, respectively.
[5] Net of $367,558 and $219,482 CECL Allowances comprised of $335,000 and $193,000 Specific CECL Allowance and $32,558    and $26,482 General CECL Allowance in 2024 and 2023, respectively.
[6] Includes $246,725 and $232,991 pledged as collateral under secured debt arrangements in 2024 and 2023, respectively.