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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Assets:    
Cash and cash equivalents $ 245,856 $ 317,396
Commercial mortgage loans, net 8,303,645 7,104,156
Real estate owned, held for investment, net (net of $31,035 and $23,266 accumulated depreciation in 2025 and 2024, respectively) 827,672 752,643
Other assets 141,872 138,027
Note receivable, held for sale 0 41,200
Derivative assets, net 37 58,169
Total Assets 9,519,082 8,411,591
Liabilities:    
Debt related to real estate owned, held for investment, net 402,945 324,587
Accounts payable, accrued expenses and other liabilities [1] 92,952 138,179
Derivative liabilities, net 30,970 0
Total Liabilities 7,656,907 6,537,110
Commitments and Contingencies (see Note 16)
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 2025 and 2024 (see Note 15) 68 68
Common stock, $0.01 par value, 450,000,000 shares authorized, 138,943,831 and 138,174,636 shares issued and outstanding in 2025 and 2024, respectively 1,389 1,382
Additional paid-in-capital 2,700,932 2,695,701
Accumulated deficit (840,214) (822,670)
Total Stockholders' Equity 1,862,175 1,874,481
Total Liabilities and Stockholders' Equity 9,519,082 8,411,591
Related Party    
Liabilities:    
Payable to related party 8,641 8,728
Secured Debt    
Liabilities:    
Secured debt arrangements, net 5,896,015 4,814,973
Senior secured term loans and notes, net 728,358 754,210
Senior Notes    
Liabilities:    
Senior secured term loans and notes, net 497,026 496,433
Mortgages    
Liabilities:    
Debt related to real estate owned, held for investment, net 329,800 252,000
Commercial Mortgage Portfolio Segment    
Assets:    
Commercial mortgage loans, net [2],[3] 8,149,855 6,715,347
Subordinate Mortgage Portfolio Segment    
Assets:    
Commercial mortgage loans, net [3] $ 153,790 $ 388,809
[1] Includes $5,782 and $5,948 of General CECL Allowance related to unfunded commitments on commercial mortgage loans and subordinate loans, net in 2025 and 2024, respectively.
[2] Includes carrying value of $8,025,026 and $6,715,347 pledged as collateral under secured debt arrangements in 2025 and 2024, respectively.
[3] Net of $374,257 and $373,336 CECL Allowances comprised $39,257 and $30,836 General CECL Allowance in 2025 and 2024, respectively, and $335,000 and $342,500 Specific CECL Allowance in 2025 and 2024, respectively.