v3.26.1
Segment Reporting
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting
Note 22 - Segment Reporting
Effective July 1, 2025, in order to better align with the manner in which the CODM reviews financial performance and allocates resources, the Company combined the real estate debt business and the real estate securities business into one reportable segment, Real Estate Debt and Other Real Estate Investments. Additionally, following the acquisition of the NewPoint business, the Company added Agency as a new reportable segment to reflect the distinct nature of its agency-related origination and servicing activities. Prior period segment results have been recast to conform to this new presentation. These changes affect only the presentation of the Company’s reportable segments and have no impact on its consolidated financial position, results of operations, or cash flows.
The Company conducts its business through the following segments:
•The real estate debt business focuses on originating, acquiring and asset managing commercial real estate debt investments, including first mortgages, subordinate mortgages, mezzanine loans and participations in such loans. The business also focuses on investing in and asset managing real estate securities, historically focusing on CMBS, CMBS bonds, CDO notes, and other securities.
•The Agency Business focuses on originating, selling, and servicing loans under programs offered by GSE’s and Agencies, such as Fannie Mae, Freddie Mac, Ginnie Mae, and HUD. Additionally, the business services external portfolios of commercial real estate financing products.
•The commercial real estate conduit business, operated through the Company's TRS, is focused on generating risk-adjusted returns by originating and subsequently selling fixed-rate commercial real estate loans into the CMBS securitization market at a profit. The TRS may also hold certain mezzanine loans that don't qualify as good REIT assets due to any potential loss from foreclosure.
•The real estate owned business represents real estate acquired by the Company through foreclosure, deed-in-lieu of foreclosure, or purchase.
The segments are based on financial information presented to the Chief Executive Officer, President of Commercial Real Estate, and the Chief Financial Officer / Chief Operating Officer of the Company, who are determined to jointly be the Chief Operating Decision Maker (“CODM”). The CODM oversees activities and operations of the business, which includes assessing performance, liquidity, and profit or loss on each operating segment. Profit or loss on segment operations is measured by net income/(loss) included in the consolidated statements of operations. The CODM uses net income/(loss) to measure return on equity to assess the liquidity associated with equity that is allocated to each business based on the Company’s investment objectives and strategies.
The following table represents the Company's operations by segment for the three months ended March 31, 2026 and 2025 (dollars in thousands):

Three Months Ended March 31, 2026TotalReal Estate Debt and Other Real Estate InvestmentsAgency BusinessConduitReal Estate Owned
Interest income$92,249$85,339$2,274$3,822$814
Mortgage servicing rights6,742—6,742——
Servicing revenue10,55037310,177——
Revenue from real estate owned6,882—30—6,852
Interest expense(65,230)(58,681)(2,899)(1,737)(1,913)
Compensation and benefits(22,824)—(22,824)——
Administrative services expenses(2,334)(1,372)(57)(905)—
Depreciation and amortization(3,420)—(2,111)—(1,309)
Operating expenses(26,713)(9,618)(9,424)(1,943)(5,728)
Other segment items(1)(2)
16,390(14,806)20,8934,9675,336
Net income/(loss)12,2921,2352,8014,2044,052
Total assets as of March 31, 20266,301,0014,953,848760,086198,047389,020
Three Months Ended March 31, 2025
Interest income$113,908$111,765$—$1,542$601
Mortgage servicing rights—————
Servicing revenue—————
Revenue from real estate owned6,797———6,797
Interest expense(70,593)(69,934)—(213)(446)
Compensation and benefits—————
Administrative services expenses(3,348)(2,119)—(1,229)—
Depreciation and amortization(1,380)———(1,380)
Operating expenses(23,366)(12,898)—(1,467)(9,001)
Other segment items(1)(2)
1,68724—4,207(2,544)
Net income/(loss)23,70526,838—2,840(5,973)
Total assets as of December 31, 20256,057,2504,797,877857,56233,015368,796
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(1) For each reportable segment, the other segment items category includes:
•Real Estate Debt - specific and general allowance for credit losses, gains/(losses) associated with debt extinguishment, and gains/(losses) associated with sales of CMBS bonds and divestment of trading securities
•Agency Business - allowance for loss sharing provision, gains/(losses) associated with sales of agency loans, gains/(losses) related to movements in the fair value of forward sale commitments, and (provisions)/benefits on taxable income.
•Conduit - gains/(losses) associated with fair value measurements and securitizations or sales of held for sale loans, fair value measurements and terminations of derivative instruments, and (provisions)/benefits on taxable income.
•Real Estate Owned - gains/(losses) associated with other real estate investments resulting from foreclosure or sale.
(2) Stock compensation expense is allocated to each segment based on total income per segment and included within other segment items.
For the purposes of the tables above, management fees have been allocated to the business segments using an agreed upon percentage of each respective segment's prior period equity. Administrative fees are derived from an agreed upon reimbursable amount based on employee time charged and allocated to the business segments.