Segment Reporting (Tables)

The following tables present financial information by reportable segment for the three months ended March 31, 2026, respectively, which in total reconciles to the same data for the Company on a consolidated basis (dollar amounts in thousands):


	For the Three Months Ended March 31, 2026
	Investment Portfolio		Constructive		Corporate/Other		Total
NET INTEREST INCOME:
Interest income	$	168,570	$	3,478	$	17	$	172,065
Interest expense	111,311		2,969		9,374		123,654
Total net interest income (loss)	57,259		509		(9,357)		48,411

NET LOSS FROM REAL ESTATE:
Rental income	12,625		—		—		12,625
Other real estate income	1,943		—		—		1,943
Total income from real estate	14,568		—		—		14,568
Interest expense, mortgages payable on real estate	3,821		—		—		3,821
Depreciation expense	4,623		—		—		4,623
Other real estate expenses	8,726		—		—		8,726
Total expenses related to real estate	17,170		—		—		17,170
Total net loss from real estate	(2,602)		—		—		(2,602)

OTHER INCOME (LOSS):
Realized losses, net	(10,680)		—		—		(10,680)
Unrealized (losses) gains, net	(73,772)		—		11,204		(62,568)
Gain on derivative instruments, net	39,570		439		47,805		87,814
Mortgage banking activities, net	—		15,330		—		15,330
Income from equity investments	721		—		—		721
Impairment of real estate	(2,231)		—		—		(2,231)
Other income (loss)	52,869		—		(308)		52,561
Total other income	6,477		15,769		58,701		80,947

GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:
General and administrative expenses	5,950		11,596		6,941		24,487
Portfolio operating expenses	6,137		—		—		6,137
Loan origination costs	—		4,025		—		4,025
Financing transaction costs	1,947		—		3,435		5,382
Total general, administrative and operating expenses	14,034		15,621		10,376		40,031

INCOME FROM OPERATIONS BEFORE INCOME TAXES	47,100		657		38,968		86,725
Income tax expense	15		—		144		159

NET INCOME	47,085		657		38,824		86,566
Net income attributable to non-controlling interests	(37,965)		—		—		(37,965)
NET INCOME ATTRIBUTABLE TO COMPANY	9,120		657		38,824		48,601
Preferred stock dividends	—		—		(11,704)		(11,704)
NET INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS	$	9,120	$	657	$	27,120	$	36,897

The following table presents the Company's assets by reportable segment as of March 31, 2026, which in total reconciles to the same data for the Company on a consolidated basis (dollar amounts in thousands):


	Investment Portfolio (1)		Constructive (2)		Corporate/Other		Total
Total Assets	$	12,266,535	$	300,189	$	223,617	$	12,790,341

(1)The Company had investments in equity method investees in the amount of approximately $23.5 million as of March 31, 2026 (see Note 6). During the three months ended March 31, 2026, the Company's expenditures for long-lived assets totaled approximately $1.0 million.

(2)Goodwill in the amount of approximately $22.4 million is allocated to Constructive (see Note 23).