As of March 31, 2026, the Company consolidated nine of the CMBS Entities that it determined are VIEs and for which the Company is the primary beneficiary. The Company elected the fair-value measurement alternative in accordance with ASU 2014-13 for each of the trusts and carries the fair values of the trust’s assets and liabilities at fair value in its Consolidated Balance Sheets, recognizes changes in the trust’s net assets, including changes in fair-value adjustments and net interest earned, in its Consolidated Statements of Operations and records cash interest received from the trusts and cash interest paid to bondholders of the CMBS not beneficially owned by the Company as investing and financing cash flows, respectively.

The following table presents the Company’s recognized Trust’s Assets and Liabilities (in thousands):


Trust's Assets	March 31, 2026			December 31, 2025
Mortgage loans held in variable interest entities, at fair value	$	3,873,034		$	3,987,281
Accrued interest receivable		3,179			3,339

Trust's Liabilities
Bonds payable held in variable interest entities, at fair value		(3,688,881	)		(3,692,390	)
Accrued interest payable		(2,550	)		(2,699	)

The following table presents “Change in net assets related to consolidated CMBS variable interest entities” (in thousands):


	For the Three Months Ended March 31,
	2026			2025
Net interest earned	$	4,973		$	6,119
Realized gain (loss)		(1,097	)		46
Unrealized gain (loss)		996			919
Change in net assets related to consolidated CMBS variable interest entities	$	4,872		$	7,084

The following tables present the geographies and property types of collateral underlying the CMBS trusts consolidated by the Company as a percentage of the collateral unpaid principal balance:


Geography	March 31, 2026			December 31, 2025
Texas		18.30	%		17.92	%
Colorado		9.35	%		10.20	%
California		7.52	%		8.58	%
Florida		8.50	%		8.30	%
Washington		7.70	%		7.53	%
Georgia		5.74	%		5.60	%
New York		5.40	%		5.27	%
North Carolina		5.26	%		5.14	%
Other (28 and 33 states each at <4%)		32.23	%		31.46	%
		100.00	%		100.00	%