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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Assets:    
Cash and cash equivalents $ 194,287 $ 225,438
Real estate owned, held for investment, net [1] 708,478 519,498
Other assets 364,136 85,623
Derivative assets, net 577 29,425
Assets related to real estate owned, held for sale 0 78,653
Total Assets 9,098,089 9,296,730
Liabilities:    
Debt related to real estate owned, held for investment, net 278,837 161,562
Accounts payable, accrued expenses and other liabilities [2] 165,850 120,334
Derivative liabilities, net 10,592 0
Total Liabilities 7,229,701 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, 138,169,164 and 141,358,605 shares issued and outstanding in 2024 and 2023, respectively 1,382 1,414
Additional paid-in-capital 2,691,776 2,727,488
Accumulated deficit (824,838) (520,237)
Total Stockholders' Equity 1,868,388 2,208,733
Total Liabilities and Stockholders' Equity 9,098,089 9,296,730
Related Party    
Liabilities:    
Payable to related party 8,803 9,553
Secured Debt    
Liabilities:    
Secured debt arrangements, net 5,513,945 5,538,476
Senior secures term loans and notes, net 755,441 759,150
Senior Notes    
Liabilities:    
Senior secures term loans and notes, net 496,233 495,637
Mortgages    
Liabilities:    
Secured debt arrangements, net 0 3,285
Debt related to real estate owned, held for investment, net 206,400 161,600
Commercial Mortgage Portfolio Segment    
Assets:    
Mortgage loans on real estate, commercial and consumer, net [3],[4] 7,456,389 7,925,359
Subordinate Mortgage Portfolio Segment    
Assets:    
Mortgage loans on real estate, commercial and consumer, net [4],[5] $ 374,222 $ 432,734
[1] Includes $76,179 and $154,048 pledged as collateral under secured debt arrangements in 2024 and 2023, respectively.
[2] Includes $3,850 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 carrying value of $7,456,389 and $7,691,141 pledged as collateral under secured debt arrangements in 2024 and 2023, respectively.
[4] Net of $376,692 and $219,482 CECL Allowances comprised of $342,500 and $193,000 Specific CECL Allowance and $34,192 and $26,482 General CECL Allowance in 2024 and 2023, respectively.
[5] Includes carrying value of $232,817 as collateral under secured debt arrangements in 2023.