Commercial mortgage-backed securities, including CRE CLOs (“CMBS”), CMBS interest-only securities, U.S. Agency securities, corporate bonds and U.S. Treasury securities are classified as available-for-sale and reported at fair value with changes in fair value recorded in the current period in other comprehensive income. As of December 31, 2025, the Company does not intend to sell these investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases.

Government National Mortgage Association (“GNMA”) interest-only, Federal Home Loan Mortgage Corp (“FHLMC”) and equity securities are recorded at fair value with changes in fair value recognized in earnings in the consolidated statements of income. The following is a summary of the Company’s securities at December 31, 2025 and December 31, 2024 ($ in thousands):


						Gross Unrealized								Weighted Average
Asset Type	Outstanding Face Amount			Amortized Cost Basis		Gains		Losses (1)		Carrying Value			# of Securities	Rating (2)	Coupon %		Yield %		Remaining Duration (years)
CMBS	$	2,070,492		$	2,069,307	$	2,984	$	(7,369)	$	2,064,922	(3)	115	AAA	5.25 %		5.31 %		2.97
CMBS interest-only(4)	347,200		(4)	1,283		—		(8)		1,275		(5)	5	AAA	1.24 %		8.63 %		0.52
GNMA interest-only(6)	29,203		(4)	95		103		(31)		167			13	AAA	0.69 %		9.24 %		3.27
Agency securities	2			2		—		—		2			1	AAA	4.00 %		3.04 %		0.19


Corporate bonds	9,250			9,231		17		(8)		9,240			1	N/A	8.50 %		8.58 %		2.60
Total debt securities	$	2,456,147		$	2,079,918	$	3,104	$	(7,416)	$	2,075,606	(7)	135		5.27	%	5.33	%	2.97
Equity securities	N/A			12,910		97		(308)		12,699			6	N/A	N/A		N/A		N/A

Allowance for current expected credit losses	N/A			—		—		(20)		(20)
Total securities	$	2,456,147		$	2,092,828	$	3,201	$	(7,744)	$	2,088,285		141


						Gross Unrealized								Weighted Average
Asset Type	Outstanding Face Amount			Amortized Cost Basis		Gains		Losses (1)		Carrying Value			# of Securities	Rating (2)	Coupon %		Yield %		Remaining Duration (years)

CMBS	$	1,065,985		$	1,063,835	$	3,335	$	(8,296)	$	1,058,874	(3)	92	AAA	5.97 %		6.13 %		2.41
CMBS interest-only(4)	769,724		(4)	3,149		104		(9)		3,244		(5)	7	AAA	0.38 %		7.81 %		0.87
GNMA interest-only(6)	32,710		(4)	160		53		(58)		155			13	AAA	0.33 %		9.38 %		3.64
Agency securities	11			11		—		—		11			1	AAA	4.00 %		2.60 %		0.58



Total debt securities	$	1,868,430		$	1,067,155	$	3,492	$	(8,363)	$	1,062,284	(7)	113		3.56	%	6.03	%	2.37
Equity securities	N/A			19,511		3		(939)		18,575			8	N/A	N/A		N/A		N/A
Allowance for current expected credit losses	N/A			—		—		(20)		(20)
Total securities	$	1,868,430		$	1,086,666	$	3,495	$	(9,322)	$	1,080,839		121

(1)Based on the Company’s analysis, including review of interest rate changes and current levels of subordination, among other factors, the unrealized loss positions are determined to be due to market factors other than credit.

(2)Represents the weighted average of the ratings of all securities in each asset type, expressed as an S&P equivalent rating. For each security rated by multiple rating agencies, the highest rating is used. The ratings provided were determined by third-party rating agencies. The rates may not be current and are subject to change (including the assignment of a “negative outlook” or “credit watch”) at any time.

(3)As of December 31, 2025 and December 31, 2024, includes $8.7 million and $8.9 million, respectively, of restricted securities which are designated as risk retention securities under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as amended (“Dodd-Frank Act”) and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost.

(5)As of December 31, 2025 and December 31, 2024, includes $0.1 million and $0.2 million, respectively, of restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost.

(6)GNMA interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. The Company’s GNMA interest-only securities are considered to be hybrid financial instruments that contain embedded

derivatives. As a result, the Company has elected to account for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in unrealized gain (loss) on securities in the consolidated statements of income.

(7)The Company’s investments in debt securities represent an ownership interest in unconsolidated VIEs. The Company’s maximum exposure to loss from these unconsolidated VIEs is the amortized cost basis of the securities which represents the purchase price of the investment adjusted by any unamortized premiums or discounts as of the reporting date.

The following tables summarize the carrying value of the Company’s debt securities by remaining maturity based upon expected cash flows at December 31, 2025 and December 31, 2024 ($ in thousands):


Asset Type	Within 1 year		1-5 years		5-10 years		Total

CMBS	$	269,437	$	1,795,485	$	—	$	2,064,922
CMBS interest-only	1,275		—		—		1,275
GNMA interest-only	23		144		—		167
Agency securities	2		—		—		2

Corporate bonds	—		9,240		—		9,240


Total securities (1)	$	270,737	$	1,804,869	$	—	$	2,075,606


Asset Type	Within 1 year		1-5 years		5-10 years		Total

CMBS	$	170,874	$	888,000	$	—	$	1,058,874
CMBS interest-only	2,937		307		—		3,244
GNMA interest-only	53		13		89		155
Agency securities	11		—		—		11




Total securities (1)	$	173,875	$	888,320	$	89	$	1,062,284

The following summarizes the Company’s realized and unrealized gain (loss) on securities, included within “Fee and Other Income” on the Company’s consolidated statements of income for the years ended December 31, 2025, 2024 and 2023 ($ in thousands):


	Year Ended December 31,
		2025		2024		2023
Realized gain (loss) on securities		$	3,812	$	172	(276)
Unrealized gain (loss) on securities		749		(925)		$	29
Total realized and unrealized gain (loss) on securities		$	4,561	$	(753)	$	(247)

The Company invests in short-term and long-term U.S. Treasury securities. Short-term U.S. Treasury securities are classified as cash and cash equivalents on our consolidated balance sheets and long-term U.S. Treasury securities are classified as securities on the consolidated balance sheets. As of December 31, 2025 the Company did not hold any U.S. Treasury securities. As of December 31, 2024 the Company held $1.1 billion of U.S. Treasury securities classified as cash and cash equivalents on the consolidated balance sheets.