v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
ASSETS    
Cash and cash equivalents $ 22,643 $ 31,114
Restricted cash 2,604 3,240
Net Operating Real Estate Investments 112,939 113,879
Common stock investments 52,860 49,104
Equity method investments ($1,768 and $1,714 with related parties, respectively) 1,768 1,714
Mortgage loans, held-for-investment, net 108,903 121,239
Preferred stock investments, at fair value 157,966 157,893
Accrued interest and dividends, net 47,305 54,009
Stock warrant investments, at fair value 136,739 141,186
Accounts receivable and other assets 332 551
TOTAL ASSETS 5,234,645 5,321,197
Liabilities:    
Secured financing agreements, net 163,600 176,141
Master repurchase agreements 164,614 258,038
Unsecured notes, net 230,618 229,112
Mortgages payable, net 106,151 106,151
Accounts payable and other accrued liabilities 14,518 13,699
Accrued interest payable 16,971 13,795
Bonds payable held in variable interest entities, at fair value 3,688,881 3,692,390
Total Liabilities 4,385,353 4,489,326
Redeemable noncontrolling interests in the OP 82,508 82,235
Stockholders' Equity:    
Common stock, value, outstanding 187 186
Additional paid-in capital 404,733 404,207
Retained earnings (accumulated deficit) (16,279) (16,519)
Total Stockholders' Equity 388,752 387,985
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 5,234,645 5,321,197
Series A Preferred Stock    
Stockholders' Equity:    
Preferred stock, value, outstanding 16 16
Redeemable Series B Preferred Stock    
Liabilities:    
Redeemable Preferred stock 358,767 359,783
Redeemable Series C Preferred Stock    
Liabilities:    
Redeemable Preferred stock 19,265 1,868
CMBS Structured Pass Through Certificates    
ASSETS    
CMBS structured pass-through certificates, at fair value 38,176 40,427
Variable Interest Entity, Primary Beneficiary    
ASSETS    
Loans and leases receivable, net amount 3,873,034 3,987,281
Consolidated Entity, Excluding Consolidated VIE    
ASSETS    
Loans and leases receivable, net amount 679,376 619,560
Noncontrolling interest in Subsidiary    
Stockholders' Equity:    
Stockholders' equity attributable to noncontrolling interest $ 95 $ 95