v3.22.2.2
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Assets:    
Cash and cash equivalents $ 319,264 $ 343,106
Total carrying value, net 8,731,306 7,857,260
Real estate owned, held for investment, net (net of $2,645 accumulated depreciation in 2021) 291,104 151,788
Derivative assets, net 249,220 16,788
Assets related to real estate owned, held for sale 162,059 0
Other assets 71,066 47,753
Total Assets 9,824,019 8,416,695
Liabilities:    
Accounts payable, accrued expenses and other liabilities [1] 378,479 102,609
Convertible senior notes, net 229,174 569,979
Debt related to real estate owned, held for investment, net (net of deferred financing costs of $4,857 in 2022) 159,978 0
Participations sold 22,696 27,064
Payable to related party 9,762 9,773
Total Liabilities 7,416,334 6,122,069
Commitments and Contingencies (see Note 17)
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 2022 and 2021 (see Note 16) 68 68
Common stock, $0.01 par value, 450,000,000 shares authorized, 140,595,995 and 139,894,060 shares issued and outstanding in 2022 and 2021, respectively 1,406 1,399
Additional paid-in-capital 2,712,390 2,721,042
Accumulated deficit (306,179) (427,883)
Total Stockholders’ Equity 2,407,685 2,294,626
Total Liabilities and Stockholders’ Equity 9,824,019 8,416,695
Secured Debt    
Liabilities:    
Secured debt arrangements, net (net of deferred financing costs of $13,533 and $9,062 in 2022 and 2021, respectively) 5,350,586 4,150,268
Senior secures term loans and notes, net 764,899 768,325
Senior Notes    
Liabilities:    
Senior secures term loans and notes, net 494,644 494,051
Mortgages    
Liabilities:    
Secured debt arrangements, net (net of deferred financing costs of $13,533 and $9,062 in 2022 and 2021, respectively) 6,116 0
Commercial Mortgage Portfolio Segment    
Assets:    
Total carrying value, net [2],[3] 8,013,469 7,012,312
Liabilities:    
Participations sold 22,696 27,064
Subordinate Mortgage Portfolio Segment    
Assets:    
Total carrying value, net [3],[4] $ 717,837 $ 844,948
[1] Includes $2,812 and $3,106 of General CECL Allowance related to unfunded commitments on commercial mortgage loans, subordinate loans and other lending assets, net in 2022 and 2021, respectively.
[2] Includes $7,491,513 and $5,957,707 pledged as collateral under secured debt arrangements in 2022 and 2021, respectively.
[3] Net of $140,985 and $178,588 CECL Allowances in 2022 and 2021, respectively, comprised of $119,000 and $145,000 Specific CECL Allowance and $21,985 and $33,588 General CECL Allowance, respectively.
[4] Includes $187,138 and $0 pledged as collateral under secured debt arrangements in 2022 and 2021, respectively.