Commercial mortgage-backed securities, including CRE CLOs (“CMBS”), CMBS interest-only securities, and corporate bonds securities are classified as available-for-sale and reported at fair value with changes in fair value recorded in the current period in other comprehensive income.

Government National Mortgage Association (“GNMA”) interest-only and equity securities are recorded at fair value with changes in fair value recognized in earnings in the consolidated statements of income. The following is a summary of the Company’s securities at June 30, 2026 and December 31, 2025 ($ in thousands):


						Gross Unrealized								Weighted Average
Asset Type	Outstanding Face Amount			Amortized Cost Basis		Gains		Losses (1)		Carrying Value			# of Securities	Rating (2)	Coupon %		Yield %		Remaining Duration (years)
CMBS	$	1,855,960		$	1,855,743	$	3,523	$	(8,361)	$	1,850,905	(3)	112	AAA	5.13 %		5.17 %		2.99
CMBS interest-only(4)	172,725		(4)	606		24		(4)		626		(5)	4	AAA	1.28 %		8.56 %		0.29
GNMA interest-only(6)	27,498		(4)	86		94		(24)		156			13	AAA	0.72 %		9.17 %		3.50



Corporate bonds	9,250			9,234		9		(52)		9,191			1	N/A	8.50 %		8.58 %		2.15
Total debt securities	$	2,065,433		$	1,865,669	$	3,650	$	(8,441)	$	1,860,878	(7)	130		5.15	%	5.19	%	2.98
Equity securities	N/A			13,639		12		(2,070)		11,581			5	N/A	N/A		N/A		N/A

Allowance for current expected credit losses	N/A			—		—		(20)		(20)
Total securities	$	2,065,433		$	1,879,308	$	3,662	$	(10,531)	$	1,872,439		135


						Gross Unrealized								Weighted Average
Asset Type	Outstanding Face Amount			Amortized Cost Basis		Gains		Losses (1)		Carrying Value			# of Securities	Rating (2)	Coupon %		Yield %		Remaining Duration (years)
CMBS	$	2,070,492		$	2,069,307	$	2,984	$	(7,369)	$	2,064,922	(3)	115	AAA	5.25 %		5.31 %		2.97
CMBS interest-only(4)	347,200		(4)	1,283		—		(8)		1,275		(5)	5	AAA	1.24 %		8.63 %		0.52
GNMA interest-only(6)	29,203		(4)	95		103		(31)		167			13	AAA	0.69 %		9.24 %		3.27
Agency securities	2			2		—		—		2			1	AAA	4.00 %		3.04 %		0.19


Corporate bonds	9,250			9,231		17		(8)		9,240			1	N/A	8.50 %		8.58 %		2.60
Total debt securities	$	2,456,147		$	2,079,918	$	3,104	$	(7,416)	$	2,075,606	(7)	135		5.27	%	5.33	%	2.97
Equity securities	N/A			12,910		97		(308)		12,699			6	N/A	N/A		N/A		N/A

Allowance for current expected credit losses	N/A			—		—		(20)		(20)
Total securities	$	2,456,147		$	2,092,828	$	3,201	$	(7,744)	$	2,088,285		141

(1)Based on the Company’s analysis, including review of interest rate changes and current levels of subordination, among other factors, the unrealized loss positions are determined to be due to market factors other than credit. As of June 30, 2026 and December 31, 2025, the Company does not intend to sell these investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases.

(2)Represents the weighted average of the ratings of all securities in each asset type, expressed as an S&P equivalent rating. For each security rated by multiple rating agencies, the highest rating is used. The ratings provided were determined by third-party rating agencies. The rates may not be current and are subject to change (including the assignment of a “negative outlook” or “credit watch”) at any time.

(3)As of June 30, 2026 and December 31, 2025, includes $8.7 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as amended (“Dodd-Frank Act”) and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost.

(5)As of June 30, 2026 and December 31, 2025, includes $0.1 million of restricted securities which are designated as risk retention securities under the Dodd-Frank Act and are therefore subject to transfer restrictions over the term of the securitization trust and are classified as held-to-maturity and reported at amortized cost.

(6)GNMA interest-only securities are recorded at fair value with changes in fair value recorded in current period earnings. The Company’s GNMA interest-only securities are considered to be hybrid financial instruments that contain embedded

derivatives. As a result, the Company has elected to account for them as hybrid instruments in their entirety at fair value with changes in fair value recognized in unrealized gain (loss) on securities in the consolidated statements of income.

(7)The Company’s investments in debt securities represent an ownership interest in unconsolidated VIEs. The Company’s maximum exposure to loss from these unconsolidated VIEs is the amortized cost basis of the securities, which represents the purchase price of the investment adjusted by any unamortized premiums or discounts as of the reporting date.

The following tables summarize the carrying value of the Company’s debt securities by remaining maturity based upon expected cash flows at June 30, 2026 and December 31, 2025 ($ in thousands):


Asset Type	Within 1 year		1-5 years		5-10 years		Total

CMBS	$	143,485	$	1,707,420	$	—	$	1,850,905
CMBS interest-only	626		—		—		626
GNMA interest-only	15		141		—		156


Corporate bonds	—		9,191		—		9,191


Total securities (1)	$	144,126	$	1,716,752	$	—	$	1,860,878


Asset Type	Within 1 year		1-5 years		5-10 years		Total

CMBS	$	269,437	$	1,795,485	$	—	$	2,064,922
CMBS interest-only	1,275		—		—		1,275
GNMA interest-only	23		144		—		167
Agency securities	2		—		—		2

Corporate bonds	—		9,240		—		9,240


Total securities (1)	$	270,737	$	1,804,869	$	—	$	2,075,606

During the three and six months ended June 30, 2026, the Company sold $1.5 million and $11.2 million of equity securities, respectively. During the three and six months ended June 30, 2025, the Company sold $14.6 million and $32.6 million of equity securities, respectively.

The following table summarizes the Company’s realized and unrealized gain (loss) on securities, included within “Fee and Other Income” on the Company’s consolidated statements of income for the three and six months ended June 30, 2026 and June 30, 2025 ($ in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Realized gain (loss) on securities	$	1,794	$	487	$	2,777	$	1,029
Unrealized gain (loss) on securities	81		102		(1,848)		790
Total realized and unrealized gain (loss) on securities	$	1,875	$	589	$	929	$	1,819