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SEGMENT REPORTING
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENT REPORTING
NOTE 15 — SEGMENT REPORTING
The Company has two reportable segments: Credit and Real Estate. Corporate/other represents all corporate level and unallocated items and includes the Company’s other asset management activities and expenses.
The Company’s chief operating decision maker (“CODM”) is the Company’s executive management team, which includes the Chief Executive Officer and Chief Financial Officer.

The CODM evaluates performance and allocates resources based on segment net income (loss). All expense categories on the statement of operations are significant and there are no other significant segment expenses that would require disclosure. The CODM uses net income (loss) to make key operating decisions, such as identifying attractive investment opportunities, evaluating underwriting standards, determining the appropriate level of leverage to enhance returns on equity and deciding on the sources of financing.
The following tables present segment reporting for the three and six months ended June 30, 2025 and 2024 (in thousands):
Real EstateCredit
Corporate/Other (1)
Company Total
Three Months Ended June 30, 2025
Revenues:
Rental and other property income$29,179 $— $— $29,179 
Interest income— 78,011 — 78,011 
Total revenues29,179 78,011 — 107,190 
Expenses:
General and administrative60 639 6,450 7,149 
Interest expense, net5,885 38,953 — 44,838 
Property operating2,830 — 1,605 4,435 
Real estate tax1,253 — 65 1,318 
Expense reimbursements to related parties— — 3,411 3,411 
Management fees2,376 9,312 — 11,688 
Transaction-related61 — 23 84 
Depreciation and amortization9,770 — — 9,770 
Real estate impairment648 — — 648 
Increase in provision for credit losses
— 5,201 — 5,201 
Total expenses22,883 54,105 11,554 88,542 
Other income (expense):
Gain on disposition of real estate and condominium developments, net
— — 4,044 4,044 
Gain on investment in unconsolidated entities— 2,911 — 2,911 
Unrealized loss on equity securities
— (2,110)— (2,110)
Other income, net18 769 935 1,722 
Total other income
18 1,570 4,979 6,567 
Segment net income (loss)
$6,314 $25,476 $(6,575)$25,215 
Net income allocated to non-controlling interest
— 23 — 23 
Segment net income (loss) attributable to the Company$6,314 $25,453 $(6,575)$25,192 
Total assets as of June 30, 2025
$1,026,587 $3,860,787 $156,836 $5,044,210 
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(1)Includes condominium and rental units acquired via foreclosure during the year ended December 31, 2021.
Real EstateCredit
Corporate/Other (1)
Company Total
Six Months Ended June 30, 2025
Revenues:
Rental and other property income$57,919 $— $68 $57,987 
Interest income— 155,607 — 155,607 
Total revenues57,919 155,607 68 213,594 
Expenses:
General and administrative127 1,318 11,319 12,764 
Interest expense, net11,706 78,382 — 90,088 
Property operating4,473 — 2,427 6,900 
Real estate tax2,139 — 183 2,322 
Expense reimbursements to related parties— — 6,414 6,414 
Management fees4,672 18,739 — 23,411 
Transaction-related114 — 29 143 
Depreciation and amortization18,598 — — 18,598 
Real estate impairment7,674 — — 7,674 
Increase in provision for credit losses
— 66,978 — 66,978 
Total expenses49,503 165,417 20,372 235,292 
Other income (expense):
Gain on disposition of real estate and condominium developments, net
411 — 5,185 5,596 
Gain on investment in unconsolidated entities— 3,922 — 3,922 
Unrealized gain on equity securities
— 1,190 — 1,190 
Other income, net59 1,451 1,821 3,331 
Total other income
470 6,563 7,006 14,039 
Segment net income (loss)
$8,886 $(3,247)$(13,298)$(7,659)
Net income allocated to non-controlling interest
— 32 — 32 
Segment net income (loss) attributable to the Company$8,886 $(3,279)$(13,298)$(7,691)
Total assets as of June 30, 2025
$1,026,587 $3,860,787 $156,836 $5,044,210 
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(1)Includes condominium and rental units acquired via foreclosure during the year ended December 31, 2021.
Real EstateCredit
Corporate/Other (1)
Company Total
Three Months Ended June 30, 2024
Revenues:
Rental and other property income
$23,492 $— $70 $23,562 
Interest income
— 98,309 — 98,309 
Total revenues
23,492 98,309 70 121,871 
Expenses:
General and administrative
117 956 5,038 6,111 
Interest expense, net5,811 58,126 — 63,937 
Property operating
765 — 1,558 2,323 
Real estate tax
833 — 340 1,173 
Expense reimbursements to related parties— — 3,726 3,726 
Management fees2,034 10,579 — 12,613 
Transaction-related
— 6 — 6 
Depreciation and amortization
8,397 — — 8,397 
Real estate impairment51,469 — 5,463 56,932 
Increase in provision for credit losses— 216,898 — 216,898 
Total expenses69,426 286,565 16,125 372,116 
Other income (expense):
Gain on disposition of real estate and condominium developments, net
— — 2,468 2,468 
Gain on investment in unconsolidated entities
— 2,742 — 2,742 
Unrealized loss on equity security
— (4,229)— (4,229)
Other income, net80 2,175 1,208 3,463 
Total other income
80 688 3,676 4,444 
Segment net loss
$(45,854)$(187,568)$(12,379)$(245,801)
Total assets as of June 30, 2024
$1,033,875 $4,647,726 $228,329 $5,909,930 
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(1)Includes condominium and rental units acquired via foreclosure during the year ended December 31, 2021.
Real EstateCredit
Corporate/Other (1)
Company Total
Six Months Ended June 30, 2024
Revenues:
Rental and other property income
$47,949 $— $187 $48,136 
Interest income
— 208,164 — 208,164 
Total revenues
47,949 208,164 187 256,300 
Expenses:
General and administrative
245 2,003 10,013 12,261 
Interest expense, net11,622 117,891 — 129,513 
Property operating
1,826 — 4,504 6,330 
Real estate tax
1,874 — 577 2,451 
Expense reimbursements to related parties— — 6,719 6,719 
Management fees4,172 21,132 — 25,304 
Transaction-related
— 18 48 66 
Depreciation and amortization
16,939 — — 16,939 
Real estate impairment51,469 — 5,463 56,932 
Increase in provision for credit losses— 284,015 — 284,015 
Total expenses88,147 425,059 27,324 540,530 
Other income (expense):
Gain on disposition of real estate and condominium developments, net
— — 3,250 3,250 
Gain on investment in unconsolidated entities
— 5,267 — 5,267 
Unrealized loss on equity security
— (15,642)— (15,642)
Other income, net148 4,381 2,483 7,012 
Total other income (expense)
148 (5,994)5,733 (113)
Segment net loss
$(40,050)$(222,889)$(21,404)$(284,343)
Total assets as of June 30, 2024
$1,033,875 $4,647,726 $228,329 $5,909,930 
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(1)Includes condominium and rental units acquired via foreclosure during the year ended December 31, 2021.