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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Assets:    
Cash and cash equivalents $ 174,703 $ 225,438
Real estate owned, held for investment, net [1] 665,568 519,498
Other assets 90,467 85,623
Derivative assets, net 47,749 29,425
Assets related to real estate owned, held for sale 0 78,653
Total Assets 9,272,389 9,296,730
Liabilities:    
Debt related to real estate owned, held for investment, net 235,418 161,562
Accounts payable, accrued expenses and other liabilities [2] 149,113 120,334
Total Liabilities 7,275,341 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, 138,438,433 and 141,358,605 shares issued and outstanding in 2024 and 2023, respectively 1,385 1,414
Additional paid-in-capital 2,690,660 2,727,488
Accumulated deficit (695,065) (520,237)
Total Stockholders' Equity 1,997,048 2,208,733
Total Liabilities and Stockholders' Equity 9,272,389 9,296,730
Related Party    
Liabilities:    
Payable to related party 9,179 9,553
Secured Debt    
Liabilities:    
Secured debt arrangements, net 5,628,925 5,538,476
Senior secures term loans and notes, net 756,673 759,150
Senior Notes    
Liabilities:    
Senior secures term loans and notes, net 496,033 495,637
Mortgages    
Liabilities:    
Secured debt arrangements, net 0 3,285
Debt related to real estate owned, held for investment, net 163,100 161,600
Commercial Mortgage Portfolio Segment    
Assets:    
Mortgage loans on real estate, commercial and consumer, net [3],[4] 7,909,125 7,925,359
Subordinate Mortgage Portfolio Segment    
Assets:    
Mortgage loans on real estate, commercial and consumer, net [4],[5] $ 384,777 $ 432,734
[1] Includes $154,048 pledged as collateral under secured debt arrangements in 2023.
[2] Includes $3,622 and $4,017 of General CECL Allowance related to unfunded commitments on commercial mortgage loans and subordinate loans, net in 2024 and 2023, respectively.
[3] Includes $7,897,660 and $7,705,491 pledged as collateral under secured debt arrangements in 2024 and 2023, respectively.
[4] Net of $377,819 and $219,482 CECL Allowances comprised of $342,500 and $193,000 Specific CECL Allowance and $35,319 and $26,482 General CECL Allowance in 2024 and 2023, respectively.
[5] Includes $232,991 pledged as collateral under secured debt arrangements in 2023.