v3.26.1
Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investment Securities
Investment securities were comprised of the following as of March 31, 2026 and December 31, 2025 (amounts in thousands):
Carrying Value as of
March 31, 2026December 31, 2025
RMBS, available-for-sale$86,717 $88,283 
RMBS, fair value option (1)400,263 404,688 
CMBS, fair value option (1), (2)1,236,128 1,284,863 
HTM debt securities, amortized cost net of credit loss allowance of $46,910 and $37,369
182,722 179,567 
Equity security, fair value— 628 
Subtotal—Investment securities
1,905,830 1,958,029 
VIE eliminations (1)(1,597,627)(1,657,029)
Total investment securities$308,203 $301,000 
_____________________________________________________________________________________________________________________
(1)Certain fair value option CMBS and RMBS are eliminated in consolidation against VIE liabilities pursuant to ASC 810.
(2)Includes $142.5 million and $146.5 million of non-controlling interests in the consolidated entities which hold certain of these CMBS as of March 31, 2026 and December 31, 2025, respectively.
Schedule of Purchases, Sales and Redemptions, and Principal Collections for All Investment Securities
Purchases, sales and redemptions, and principal collections for all investment securities were as follows (amounts in thousands):
RMBS,
available-for-sale		RMBS, fair
value option		CMBS, fair
value option		HTM
Securities		Equity
Security		Securitization
VIEs (1)		Total
Three Months Ended March 31, 2026
Purchases/fundings$— $— $6,527 $16,206 $— $— $22,733 
Sales and redemptions— — 3,865 — 625 (3,865)625 
Principal collections1,939 8,175 43,477 2,526 — (51,286)4,831 
Three Months Ended March 31, 2025
Purchases/fundings$— $— $8,666 
(2)
$9,799 $— $(4,639)$13,826 
Sales and redemptions— — — — 1,350 — 1,350 
Principal collections2,073 10,080 62,084 50,850 — (72,120)52,967 
_________________________________________________________________________________________________________________
(1)Represents RMBS and CMBS, fair value option amounts eliminated due to our consolidation of securitization VIEs. These amounts are reflected as issuance or repayment of debt of, or distributions from, consolidated VIEs in our consolidated statements of cash flows.
(2)There was an additional $3.4 million of CMBS purchased from a consolidated partnership that is eliminated in consolidation.
Schedule of Investments in Available-for-Sale RMBS
The tables below summarize various attributes of our investments in available-for-sale RMBS as of March 31, 2026 and December 31, 2025 (amounts in thousands):
Unrealized Gains or (Losses)
Recognized in AOCI
Amortized
Cost		Credit
Loss
Allowance		Net
Basis		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Net
Fair Value
Adjustment		Fair Value
March 31, 2026
RMBS$75,836 $— $75,836 $12,673 $(1,792)$10,881 $86,717 
December 31, 2025
RMBS$76,723 $— $76,723 $13,340 $(1,780)$11,560 $88,283 
Weighted Average Coupon (1)WAL 
(Years) (2)
March 31, 2026
RMBS4.5 %7.4
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(1)Calculated using the March 31, 2026 SOFR rate of 3.665% for floating rate securities.
(2)Represents the remaining WAL of each respective group of securities as of the balance sheet date. The WAL of each individual security is calculated using projected amounts and projected timing of future principal payments.
Schedule of Gross Unrealized Losses and Estimated Fair Value of Securities with No Recorded Allowance for Credit Loss
The following table presents the gross unrealized losses and estimated fair value of any available-for-sale securities that were in an unrealized loss position as of March 31, 2026 and December 31, 2025, and for which an allowance for credit losses has not been recorded (amounts in thousands):
Estimated Fair ValueUnrealized Losses
Securities with a
loss less than
12 months		Securities with a
loss greater than
12 months		Securities with a
loss less than
12 months		Securities with a
loss greater than
12 months
As of March 31, 2026
RMBS$623 $10,778 $(10)$(1,782)
As of December 31, 2025
RMBS$480 $10,943 $— $(1,780)
Schedule of Investments in HTM Securities
The table below summarizes our investments in HTM debt securities as of March 31, 2026 and December 31, 2025 (amounts in thousands):
Amortized
Cost Basis		Credit Loss
Allowance		Net Carrying
Amount		Gross Unrealized
Holding Gains		Gross Unrealized
Holding Losses		Fair Value
March 31, 2026
CMBS$90,130 $(7)$90,123 $492 $(10,959)$79,656 
Preferred interests99,041 (36,743)62,298 — (30,030)32,268 
Infrastructure bonds40,461 (10,160)30,301 906 — 31,207 
Total$229,632 $(46,910)$182,722 $1,398 $(40,989)$143,131 
December 31, 2025
CMBS$92,629 $(13)$92,616 $603 $(11,436)$81,783 
Preferred interests82,844 (27,166)55,678 — (22,942)32,736 
Infrastructure bonds41,463 (10,190)31,273 650 — 31,923 
Total$216,936 $(37,369)$179,567 $1,253 $(34,378)$146,442 
Schedule of Activity in Credit Loss Allowance for HTM Debt Securities
The following table presents the activity in our credit loss allowance for HTM debt securities (amounts in thousands):
CMBSPreferred
Interests		Infrastructure
Bonds		Total HTM
Credit Loss
Allowance
Three Months Ended March 31, 2026
Credit loss allowance at December 31, 2025$13 $27,166 $10,190 $37,369 
Credit loss (reversal) provision, net
(6)9,577 (30)9,541 
Credit loss allowance at March 31, 2026$7 $36,743 $10,160 $46,910 
Schedule of Maturities of our HTM Debt Securities
The table below summarizes the maturities of our HTM debt securities by type as of March 31, 2026 (amounts in thousands):
CMBSPreferred
Interests		Infrastructure
Bonds		Total
Less than one year$25,453 $30,707 $— $56,160 
One to three years— 15,513 5,431 20,944 
Three to five years64,670 16,078 4,943 85,691 
Thereafter— — 19,927 19,927 
Total$90,123 $62,298 $30,301 $182,722