| SEGMENT REPORTING |
NOTE 18 — SEGMENT REPORTING As of December 31, 2025, the Company determined that it 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 years ended December 31, 2025, 2024 and 2023 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2025 | | | Real Estate | | Credit | | Corporate/Other (1) | | Company Total | Revenues: | | | | | | | | | Rental and other property income | | $ | 111,615 | | | $ | — | | | $ | 68 | | | $ | 111,683 | | Interest income | | — | | | 304,321 | | | — | | | 304,321 | | Total revenues | | 111,615 | | | 304,321 | | | 68 | | | 416,004 | | Expenses: | | | | | | | | | General and administrative | | 255 | | | 2,441 | | | 23,298 | | | 25,994 | | | | | | | | | | | Interest expense, net | | 23,274 | | | 151,008 | | | — | | | 174,282 | | Property operating | | 8,437 | | | — | | | 4,196 | | | 12,633 | | Real estate tax | | 4,238 | | | — | | | 590 | | | 4,828 | | Expense reimbursements to related parties | | — | | | — | | | 13,105 | | | 13,105 | | Management fees | | 9,348 | | | 37,440 | | | — | | | 46,788 | | Transaction-related | | 169 | | | — | | | 89 | | | 258 | | Depreciation and amortization | | 36,402 | | | — | | | — | | | 36,402 | | Real estate impairment | | 9,860 | | | — | | | — | | | 9,860 | | Increase in provision for credit losses | | — | | | 70,807 | | | — | | | 70,807 | | Total expenses | | 91,983 | | | 261,696 | | | 41,278 | | | 394,957 | | Other income (expense) | | | | | | | | | Gain on disposition of real estate and condominium developments, net | | 1,540 | | | — | | | 6,643 | | | 8,183 | | | | | | | | | | | | | | | | | | | | Gain on investment in unconsolidated entities | | — | | | 9,140 | | | — | | | 9,140 | | Unrealized gain on equity security | | — | | | 5,719 | | | — | | | 5,719 | | Other income, net | | 177 | | | 3,875 | | | 4,508 | | | 8,560 | | Loss on extinguishment of debt | | — | | | (274) | | | — | | | (274) | | Total other income | | 1,717 | | | 18,460 | | | 11,151 | | | 31,328 | | Segment net income (loss) | | 21,349 | | | 61,085 | | | (30,059) | | | 52,375 | | Segment net income attributable to non-controlling interest | | — | | | 19 | | | — | | | 19 | | Segment net income (loss) attributable to the Company | | $ | 21,349 | | | $ | 61,066 | | | $ | (30,059) | | | $ | 52,356 | | Total assets as of December 31, 2025 | | $ | 1,046,585 | | | $ | 3,939,655 | | | $ | 108,857 | | | $ | 5,095,097 | |
__________________________________ (1)Includes condominium and rental units acquired via foreclosure during the year ended December 31, 2021. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2024 | | | Real Estate | | Credit | | Corporate/Other (1) | | Company Total | Revenues: | | | | | | | | | Rental and other property income | | $ | 93,525 | | | $ | — | | | $ | 387 | | | $ | 93,912 | | Interest income | | — | | | 389,988 | | | — | | | 389,988 | | Total revenues | | 93,525 | | | 389,988 | | | 387 | | | 483,900 | | Expenses: | | | | | | | | | General and administrative | | 399 | | | 3,327 | | | 21,793 | | | 25,519 | | Interest expense, net | | 23,248 | | | 216,218 | | | — | | | 239,466 | | Property operating | | 3,639 | | | — | | | 6,267 | | | 9,906 | | Real estate tax | | 3,051 | | | — | | | 1,127 | | | 4,178 | | Expense reimbursements to related parties | | — | | | — | | | 13,501 | | | 13,501 | | Management fees | | 8,218 | | | 41,454 | | | — | | | 49,672 | | Transaction-related | | — | | | 23 | | | 48 | | | 71 | | Depreciation and amortization | | 31,981 | | | — | | | — | | | 31,981 | | Real estate impairment | | 52,243 | | | — | | | 9,066 | | | 61,309 | | Increase in provision for credit losses | | — | | | 342,815 | | | — | | | 342,815 | | Total expenses | | 122,779 | | | 603,837 | | | 51,802 | | | 778,418 | | Other income (expense): | | | | | | | | | Gain on disposition of real estate and condominium developments, net | | 1,855 | | | — | | | 4,750 | | | 6,605 | | Gain on investment in unconsolidated entities | | — | | | 13,599 | | | — | | | 13,599 | | Unrealized gain on equity security | | — | | | (15,888) | | | — | | | (15,888) | | Other income (expense), net | | 413 | | | (6,795) | | | 5,244 | | | (1,138) | | Loss on extinguishment of debt | | — | | | (950) | | | — | | | (950) | | Total other income (expense) | | 2,268 | | | (10,034) | | | 9,994 | | | 2,228 | | Segment net loss | | (26,986) | | | (223,883) | | | (41,421) | | | (292,290) | | Segment net income attributable to non-controlling interest | | — | | | 11 | | | — | | | 11 | | Segment net loss attributable to the Company | | $ | (26,986) | | | $ | (223,894) | | | $ | (41,421) | | | $ | (292,301) | | Total assets as of December 31, 2024 | | $ | 1,021,918 | | | $ | 3,983,392 | | | $ | 192,439 | | | $ | 5,197,749 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
__________________________________ (1)Includes condominium and rental units acquired via foreclosure during the year ended December 31, 2021. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, 2023 | | | Real Estate | | Credit | | Corporate/Other (1) | | Company Total | Revenues: | | | | | | | | | Rental and other property income | | $ | 115,056 | | | $ | — | | | $ | 323 | | | $ | 115,379 | | Interest income | | — | | | 453,480 | | | — | | | 453,480 | | Total revenues | | 115,056 | | | 453,480 | | | 323 | | | 568,859 | | Expenses: | | | | | | | | | General and administrative | | 709 | | | 3,952 | | | 12,911 | | | 17,572 | | Interest expense, net | | 22,884 | | | 233,615 | | | 4,269 | | | 260,768 | | Property operating | | 5,203 | | | — | | | 8,147 | | | 13,350 | | Real estate tax | | 3,430 | | | — | | | 1,408 | | | 4,838 | | Expense reimbursements to related parties | | — | | | — | | | 13,285 | | | 13,285 | | Management fees | | 10,702 | | | 40,273 | | | — | | | 50,975 | | Transaction-related | | 10 | | | 212 | | | 3,431 | | | 3,653 | | Depreciation and amortization | | 42,532 | | | — | | | — | | | 42,532 | | Real estate impairment | | 20,404 | | | — | | | 14,675 | | | 35,079 | | Increase in provision for credit losses | | — | | | 134,289 | | | — | | | 134,289 | | Total expenses | | 105,874 | | | 412,341 | | | 58,126 | | | 576,341 | | Other income (expense): | | | | | | | | | Gain on disposition of real estate and condominium developments, net | | 49,731 | | | — | | | 3,610 | | | 53,341 | | | | | | | | | | | Gain on investment in unconsolidated entities | | — | | | 11,723 | | | — | | | 11,723 | | Unrealized gain on equity security | | — | | | 4,751 | | | — | | | 4,751 | | Other (expense) income, net | | (4,380) | | | (31,984) | | | 9,905 | | | (26,459) | | Loss on extinguishment of debt | | (1,192) | | | (2,164) | | | (4,432) | | | (7,788) | | Total other income (expense) | | 44,159 | | | (17,674) | | | 9,083 | | | 35,568 | | Segment net income (loss) | | 53,341 | | | 23,465 | | | (48,720) | | | 28,086 | | Segment net income attributable to non-controlling interest | | 8 | | | — | | | — | | | 8 | | Segment net income (loss) attributable to the Company | | $ | 53,333 | | | $ | 23,465 | | | $ | (48,720) | | | $ | 28,078 | | Total assets as of December 31, 2023 | | $ | 1,156,761 | | | $ | 5,091,365 | | | $ | 198,350 | | | $ | 6,446,476 | |
__________________________________ (1)Includes condominium and rental units acquired via foreclosure during the year ended December 31, 2021.
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