
Year ended December 31, 2025	Loans		Securities		Real Estate (1)		Corporate/Other(2)		Company Total
Net interest income
Interest income	$	152,303	$	99,689	$	264	$	14,638	$	266,894
Interest expense	(14,653)		(11,621)		(25,490)		(123,153)		(174,917)
Net interest income (expense)	137,650		88,068		(25,226)		(108,515)		91,977
(Provision for) release of loan loss reserves	157		—		—		—		157
Net interest income (expense) after provision for (release of) loan reserves	137,807		88,068		(25,226)		(108,515)		92,134
Other income (loss)
Real estate operating income	—		—		99,308		—		99,308


Net result from mortgage loan receivables held for sale	4,716		—		—		—		4,716



Gain (loss) on real estate, net	—		—		3,807		—		3,807

Fee and other income	8,860		6,069		66		—		14,995
Net result from derivative transactions	1,301		—		42		492		1,835
Earnings (loss) from investment in unconsolidated ventures	—		—		(1,415)		—		(1,415)

Gain (loss) on extinguishment of debt	—		—		—		151		151
Total other income (loss)	14,877		6,069		101,808		643		123,397
Costs and expenses
Compensation and employee benefits	—		—		—		(52,735)		(52,735)
Operating expenses	—		—		—		(19,426)		(19,426)
Real estate operating expenses	—		—		(40,475)		—		(40,475)

Investment related expenses	(1,478)		(178)		(493)		(1,563)		(3,712)
Depreciation and amortization	—		—		(31,550)		(445)		(31,995)
Total costs and expenses	(1,478)		(178)		(72,518)		(74,169)		(148,343)
Income (loss) before taxes	151,206		93,959		4,064		(182,041)		67,188
Income tax (expense) benefit	—		—		—		(3,493)		(3,493)
Segment net income (loss)	$	151,206	$	93,959	$	4,064	$	(185,534)	$	63,695

Total assets as of December 31, 2025	$	2,198,224	$	2,088,285	$	748,006	$	118,035	$	5,152,550


Year ended December 31, 2024	Loans		Securities		Real Estate (1)		Corporate/Other(2)		Company Total
Net interest income
Interest income	$	247,432	$	43,069	$	352	$	67,772	$	358,625
Interest expense	(92,187)		(61)		(32,097)		(97,192)		(221,537)
Net interest income (expense)	155,245		43,008		(31,745)		(29,420)		137,088
(Provision for) release of loan loss reserves	(13,933)		—		—		—		(13,933)
Net interest income (expense) after provision for (release of) loan reserves	141,312		43,008		(31,745)		(29,420)		123,155
Other income (loss)
Real estate operating income	—		—		98,681		—		98,681
Net result from mortgage loan receivables held for sale(3)	2,700		—		—		(2,670)		30
Gain (loss) on real estate, net	—		—		25,277		—		25,277
Fee and other income	19,003		(655)		52		300		18,700
Net result from derivative transactions	185		80		248		4,907		5,420
Earnings (loss) from investment in unconsolidated ventures	—		—		(79)		—		(79)
Gain (loss) on extinguishment of debt	—		—		—		188		188
Total other income (loss)	21,888		(575)		124,179		2,725		148,217
Costs and expenses
Compensation and employee benefits	—		—		—		(60,671)		(60,671)
Operating expenses	—		—		—		(19,193)		(19,193)
Real estate operating expenses	—		—		(40,568)		—		(40,568)

Investment related expenses	(4,946)		(183)		(573)		(2,016)		(7,718)
Depreciation and amortization	—		—		(31,888)		(439)		(32,327)
Total costs and expenses	(4,946)		(183)		(73,029)		(82,319)		(160,477)
Income (loss) before taxes	158,254		42,250		19,405		(109,014)		110,895
Income tax (expense) benefit	—		—		—		(3,448)		(3,448)
Segment net income (loss)	$	158,254	$	42,250	$	19,405	$	(112,462)	$	107,447

Total assets as of December 31, 2024	$	1,565,897	$	1,080,839	$	690,726	$	1,507,611	$	4,845,073


Year ended December 31, 2023	Loans		Securities		Real Estate (1)		Corporate/Other(2)		Company Total
Net interest income
Interest income	$	341,840	$	32,479	$	12	$	32,953	$	407,284
Interest expense	(122,420)		(3,177)		(31,443)		(88,057)		(245,097)
Net interest income (expense)	219,420		29,302		(31,431)		(55,104)		162,187
(Provision for) release of loan loss reserves	(25,096)		—		—		—		(25,096)
Net interest income (expense) after provision for (release of) loan reserves	194,324		29,302		(31,431)		(55,104)		137,091
Other income (loss)
Real estate operating income	—		—		96,950		—		96,950
Net result from mortgage loan receivables held for sale	(523)		—		—		—		(523)
Gain (loss) on real estate, net	—		—		8,808		—		8,808
Fee and other income	8,237		(232)		300		626		8,931
Net result from derivative transactions	404		595		482		—		1,481
Earnings (loss) from investment in unconsolidated ventures	—		—		758		—		758
Gain (loss) on extinguishment of debt	—		—		—		10,718		10,718
Total other income (loss)	8,118		363		107,298		11,344		127,123
Costs and expenses
Compensation and employee benefits	—		—		—		(63,618)		(63,618)
Operating expenses	—		—		—		(19,503)		(19,503)
Real estate operating expenses	—		—		(37,587)		—		(37,587)

Investment related expenses	(6,310)		(191)		(903)		(1,443)		(8,847)
Depreciation and amortization	—		—		(29,482)		(432)		(29,914)
Total costs and expenses	(6,310)		(191)		(67,972)		(84,996)		(159,469)
Income (loss) before taxes	196,132		29,474		7,895		(128,756)		104,745
Income tax (expense) benefit	—		—		—		(4,244)		(4,244)
Segment net income (loss)	$	196,132	$	29,474	$	7,895	$	(133,000)	$	100,501

Total assets as of December 31, 2023	$	3,138,794	$	485,533	$	733,319	$	1,155,031	$	5,512,677

(1)Includes the Company’s investment in unconsolidated ventures that held real estate of $44.5 million, $19.9 million and $6.9 million as of December 31, 2025, 2024 and 2023, respectively. This segment also includes the Company’s capital improvements of real estate of $8.3 million, $6.5 million and $4.4 million as of December 31, 2025, 2024 and 2023, respectively.

(2)Corporate/Other represents all corporate level and unallocated items including any inter-segment eliminations necessary to reconcile to consolidated Company totals. Corporate/Other includes the Company’s investment in FHLB stock of $5.2 million as of December 31, 2023 and the Company’s senior unsecured notes of $2.2 billion, $2.0 billion and $1.6 billion as of December 31, 2025, 2024 and 2023, respectively. Corporate/Other also includes the Company’s stock-based compensation expense of $20.3 million, $18.8 million and $18.6 million, within compensation and employee benefits as of December 31, 2025, 2024 and 2023, respectively.