v3.26.1
Segment Reporting (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Operations by Segment
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.