v3.26.1
Real Estate Owned - Schedule of Assets and Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Jun. 30, 2025
Assets      
Cash $ 83,058 $ 84,617 $ 107,717
Other assets [1] 290,483 112,849  
Total Assets 6,559,283 6,464,643  
Liabilities      
Total Liabilities 5,568,984 5,239,439  
Real estate owned, held-for-investment      
Assets      
Real estate owned - land 207,191 207,191  
Real estate owned - land improvements 11,309 10,932  
Real estate owned - buildings 117,317 117,317  
Real estate owned - building improvements 28,412 5,280  
Real estate owned - furniture and fixtures 1,755 1,462  
Real estate owned 365,984 342,182  
Less: Accumulated depreciation (5,559) (3,587)  
Real estate owned, net 360,425 338,595  
Cash 3,454 2,546  
In-place lease intangibles 33 67  
Tenant receivables 204 152  
Other assets 1,673 2,501  
Total Assets 365,789 343,861  
Liabilities      
Unfavorable lease intangibles 183 365  
Other liabilities 5,723 4,977  
Total Liabilities 5,906 5,342  
Real estate owned, held-for-sale      
Assets      
Real estate owned, net 119,424 118,220  
In-place lease intangibles 7,678 7,678  
Favorable lease intangibles 2,663 2,663  
Tenant receivables 481 543  
Other assets 2,325 1,084  
Total Assets 132,571 130,188  
Liabilities      
Unfavorable lease intangibles 167 167  
Other liabilities 2,872 3,700  
Total Liabilities $ 3,039 $ 3,867  
[1] Includes $254.8 million of loan principal repayments held by a servicer as of June 30, 2026.