Fair Value

Carrying Value

Level 1

Level 2

Level 3

Total

Assets

Cash and cash equivalents

$

22,219

$

22,219

$

—

$

—

$

22,219

Restricted Cash

2,360

—

2,360

Bridge loan

32,608

—

32,608

Loans, held-for-investment, net

152,634

—

152,633

Common stock

49,321

—

49,321

Mortgage loans, held-for-investment, net

871,711

—

873,177

Accrued interest and dividends

6,440

—

6,440

Mortgage loans held in variable interest entities, at fair value

7,085,361

—

7,085,361

—

7,085,361

CMBS structured pass through certificates, at fair value

72,645

—

72,645

—

72,645

Other assets

1,108

—

1,108

$

8,296,407

$

32,127

$

7,158,006

$

1,107,739

$

8,297,872

Liabilities

Secured financing agreements, net

$

805,427

$

—

$

—

$

831,822

$

831,822

Master repurchase agreements

222,533

—

222,533

Unsecured Notes

108,030

—

108,030

Accounts payable and other accrued liabilities

3,984

—

3,984

Accrued interest payable

5,046

—

5,046

Due to brokers for securities purchased, not yet settled

2,188

—

2,188

—

2,188

Bonds payable held in variable interest entities, at fair value

6,652,704

—

6,652,704

—

6,652,704

$

7,799,912

$

9,030

$

6,654,892

$

1,162,385

$

7,826,307