v3.25.4
Other Assets and Liabilities (Tables)
 12 Months Ended
Dec. 31, 2025
Other Assets And Liabilities Disclosure [Abstract]  
Summary of Components of Other Assets The following table details the components of our other assets ($ in thousands):
December 31, 2025
December 31, 2024
Accrued interest receivable
$132,975
$160,131
Real estate intangible assets, net
117,089
77,289
Accounts receivable and other assets(1)(2)
56,848
134,030
Other real estate assets
42,153
9,338
Loan portfolio payments held by servicer(3)
27,374
113,199
Collateral deposited under derivative agreements
25,300
4,810
Derivative assets
10,492
72,454
Prepaid expenses
1,032
1,002
Total
$413,263
$572,253
(1)Includes $55.5 million and $95.5 million as of December 31, 2025 and December 31, 2024, respectively, of cash
collateral held by our CLOs that was subsequently remitted by the trustee to repay a portion of the outstanding
senior CLO securities, or that was subsequently reinvested by purchasing additional collateral into our CLOs.
(2)During the year ended December 31, 2025, a note receivable that was previously included in this balance was
deemed non-recoverable, and we recorded a charge-off of CECL reserves of $6.8 million.
(3)Primarily represents loan principal repayments held by our third-party loan servicers as of the balance sheet date that
were remitted to us during the subsequent remittance cycle.
Summary of Components of Other Liabilities The following table details the components of our other liabilities ($ in thousands):
December 31, 2025
December 31, 2024
Other real estate liabilities
$127,703
$72,018
Accrued dividends payable
79,081
81,214
Accrued interest payable
58,871
77,855
Other secured debt(1)
39,475
—
Derivative liabilities
26,596
5,238
Accrued management fees payable
16,434
18,534
Accounts payable and other liabilities
14,653
13,834
Debt repayments pending servicer remittance(2)
11,748
3,742
Current expected credit loss reserves for unfunded loan commitments(3)
11,617
10,412
Total
$386,178
$282,847
(1)Represents financing on our retained investment in the European Loan Securitization. Refer to Note 8 for further
information.
(2)Represents pending transfers from our third-party loan servicer that were remitted to our banking counterparties or
CLO trustees during the subsequent remittance cycle.
(3)Represents the CECL reserve related to our unfunded loan commitments.