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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Assets:    
Cash and cash equivalents $ 317,396 $ 225,438
Mortgage loans on real estate, commercial and consumer, net 7,104,156 [1] 8,358,093
Real estate owned, held for investment, net [2] 752,643 519,498
Other assets 138,027 85,623
Derivative assets, net 58,169 29,425
Assets related to real estate owned, held for sale 0 78,653
Note receivable, held for sale 41,200 0
Total Assets 8,411,591 9,296,730
Liabilities:    
Debt related to real estate owned, held for investment, net 324,587 161,562
Accounts payable, accrued expenses and other liabilities [3] 138,179 120,334
Total Liabilities 6,537,110 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, 138,174,636 and 141,358,605 shares issued and outstanding in 2024 and 2023, respectively 1,382 1,414
Additional paid-in-capital 2,695,701 2,727,488
Accumulated deficit (822,670) (520,237)
Total Stockholders' Equity 1,874,481 2,208,733
Total Liabilities and Stockholders' Equity 8,411,591 9,296,730
Related Party    
Liabilities:    
Payable to related party 8,728 9,553
Secured Debt    
Liabilities:    
Secured debt arrangements, net 4,814,973 5,538,476
Senior secures term loans and notes, net 754,210 759,150
Senior Notes    
Liabilities:    
Senior secures term loans and notes, net 496,433 495,637
Mortgages    
Liabilities:    
Secured debt arrangements, net 0 3,285
Debt related to real estate owned, held for investment, net 252,000 161,600
Commercial Mortgage Portfolio Segment    
Assets:    
Mortgage loans on real estate, commercial and consumer, net [4],[5] 6,715,347 7,925,359
Subordinate Mortgage Portfolio Segment    
Assets:    
Mortgage loans on real estate, commercial and consumer, net [5],[6] $ 388,809 $ 432,734
[1] Excludes Note receivable, held for sale with an outstanding principal and carrying value of $41.2 million.
[2] Includes $154,048 pledged as collateral under secured debt arrangements in 2023.
[3] Includes $5,948 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 carrying value of $6,715,347 and $7,705,491 pledged as collateral under secured debt arrangements in 2024 and 2023, respectively.
[5] Net of $373,336 and $219,482 CECL Allowances comprised of $342,500 and $193,000 Specific CECL Allowance and $30,836 and $26,482 General CECL Allowance in 2024 and 2023, respectively.
[6] Includes carrying value of $232,991 as collateral under secured debt arrangements in 2023.