v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
ASSETS    
Cash and cash equivalents $ 115,600 $ 167,292
Restricted cash 20,845 17,889
Investment securities, held to maturity [1] 21,958 20,483
Commercial mortgage loans, held for investment, net of allowance for credit losses of $38,302 and $38,302 as of March 31, 2026 and December 31, 2025, respectively [2] 4,546,828 4,383,134
Commercial mortgage loans, held for sale, measured at fair value [3] 423,031 360,718
Real estate securities, available for sale, measured at fair value, amortized cost of $0 and $151,946 as of March 31, 2026 and December 31, 2025, respectively [4] 178,712 151,662
Mortgage servicing rights, net 211,854 212,216
Accrued interest receivable 38,942 41,468
Receivable for loan repayment [5] 79,248 50,619
Prepaid expenses and other assets 38,822 45,112
Real estate owned, net of depreciation 98,676 99,265
Real estate owned, held for sale 192,653 198,883
Equity method investments 98,626 71,682
Intangible assets, net of amortization 113,050 115,553
Goodwill 92,048 92,048
Derivative instruments, measured at fair value 17,195 11,315
Loans eligible for repurchase 12,913 17,911
Total assets 6,301,001 6,057,250
LIABILITIES AND STOCKHOLDERS' EQUITY    
Collateralized loan obligations 2,637,338 2,735,582
Unsecured debt 185,693 185,466
Mortgage note payable 23,998 23,998
Allowance for loss sharing 17,349 19,484
Accrued compensation 29,381 43,662
Liability for loans eligible for repurchase 12,913 17,911
Interest payable 16,751 16,110
Distributions payable 23,304 38,935
Accounts payable and accrued expenses 20,310 18,892
Due to affiliates 11,058 12,054
Derivative instruments, measured at fair value 4,279 6,951
Other liabilities 28,500 29,657
Total liabilities 4,731,207 4,436,025
Commitments and Contingencies
Redeemable convertible preferred stock:    
Total redeemable convertible preferred stock 89,748 89,748
Equity:    
Common stock, $0.01 par value, 900,000,000 shares authorized, 77,214,904 and 81,553,982 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 755 808
Additional paid-in capital 1,553,770 1,593,365
Accumulated other comprehensive income/(loss) (1,056) (284)
Accumulated deficit (420,743) (411,101)
Total stockholders' equity 1,391,468 1,441,530
Non-controlling interest 88,578 89,947
Total equity 1,480,046 1,531,477
Total liabilities, redeemable convertible preferred stock and equity 6,301,001 6,057,250
Repurchase agreements - commercial mortgage loans    
LIABILITIES AND STOCKHOLDERS' EQUITY    
Repurchase agreements 1,495,300 1,087,087
Other financings 12,865 12,865
Repurchase agreements - real estate securities    
LIABILITIES AND STOCKHOLDERS' EQUITY    
Repurchase agreements 212,168 187,371
Series H Preferred Stock    
Redeemable convertible preferred stock:    
Total redeemable convertible preferred stock 89,748 89,748
Series E Preferred Stock    
Equity:    
Preferred stock, $0.01 par value; 100,000,000 shares authorized, 7.5% Cumulative Redeemable Preferred Stock, Series E, 10,329,039 shares issued and outstanding as of March 31, 2026 and December 31, 2025 $ 258,742 $ 258,742
[1] Includes pledged assets of $21.6 million and $20.2 million as of March 31, 2026 and December 31, 2025, respectively.
[2] Includes pledged assets of $409.4 million and $329.2 million as of March 31, 2026 and December 31, 2025, respectively.
[3] Includes pledged assets of $1.2 billion and $855.2 million as of March 31, 2026 and December 31, 2025, respectively.
[4] Includes pledged assets of $178.7 million and $151.7 million as of March 31, 2026 and December 31, 2025, respectively.
[5] Includes $79.1 million and $50.5 million of cash held by servicer related to the CLOs as of March 31, 2026 and December 31, 2025, respectively.