v3.26.1
SEGMENT REPORTING
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
SEGMENT REPORTING
17. SEGMENT REPORTING
The Company has determined that it has three reportable segments based on how the chief operating decision maker (“CODM”), the Chief Executive Officer, reviews and manages the business. The CODM uses net income (loss) to measure segment operating performance. All of the Company’s expenses are reviewed regularly and are included in segment operating performance. These reportable segments include loans, securities, and real estate. The loans segment includes all of the Company’s activities related to mortgage loan receivables held for investment (balance sheet loans) and mortgage loan receivables held for sale (conduit loans). The securities segment includes all of the Company’s activities related to securities, which include investments in CMBS, U.S. Agency securities, corporate bonds, equity securities and U.S. Treasury securities not classified as cash and cash equivalents. The real estate segment includes all of the Company’s activities related to net leased properties, other diversified real estate and investments in unconsolidated ventures. Corporate/other includes cash and cash equivalents, senior unsecured notes, compensation and employee benefits, operating expenses, and unallocated items including any inter-segment eliminations necessary to reconcile to consolidated Company totals.
The Company evaluates performance based on the following financial measures for each segment ($ in thousands):

Three months ended June 30, 2026LoansSecuritiesReal Estate (1)Corporate/Other(2)Company 
Total
Net interest income
Interest income$51,266 $26,538 $26 $374 $78,204 
Interest expense(1,087)(12,307)(5,607)(36,616)(55,617)
Net interest income (expense)50,179 14,231 (5,581)(36,242)22,587 
(Provision for) release of loan loss reserves(122)— — — (122)
Net interest income (expense) after provision for (release of) loan reserves50,057 14,231 (5,581)(36,242)22,465 
Other income (loss)
Real estate operating income— — 30,906 — 30,906 
Net result from mortgage loan receivables held for sale (3)152 — — 22 174 
Fee and other income1,347 2,217 — — 3,564 
Net result from derivative transactions— — (4)207 203 
Earnings (loss) from investment in unconsolidated ventures— — 252 — 252 
Gain (loss) on extinguishment of debt— — — 72 72 
Total other income (loss)1,499 2,217 31,154 301 35,171 
Costs and expenses
Compensation and employee benefits— — — (12,260)(12,260)
Operating expenses— — — (5,108)(5,108)
Real estate operating expenses— — (12,909)— (12,909)
Investment related expenses(1,075)— (112)(519)(1,706)
Depreciation and amortization— — (9,230)(113)(9,343)
Total costs and expenses(1,075)— (22,251)(18,000)(41,326)
Income (loss) before taxes50,481 16,448 3,322 (53,941)16,310 
Income tax (expense) benefit— — — (1,749)(1,749)
Segment net income (loss)$50,481 $16,448 $3,322 $(55,690)$14,561 
Total assets as of June 30, 2026$2,770,248 $1,872,439 $817,990 $145,605 $5,606,282 
Three months ended June 30, 2025LoansSecuritiesReal Estate (1)Corporate/Other(2)Company 
Total
Net interest income
Interest income$35,481 $24,697 $93 $2,464 $62,735 
Interest expense(4,976)(1,032)(6,556)(28,641)(41,205)
Net interest income (expense)30,505 23,665 (6,463)(26,177)21,530 
(Provision for) release of loan loss reserves42 — — — 42 
Net interest income (expense) after provision for (release of) loan reserves30,547 23,665 (6,463)(26,177)21,572 
Other income (loss)
Real estate operating income— — 25,775 — 25,775 
Net result from mortgage loan receivables held for sale4,914 — — — 4,914 
Gain (loss) on real estate, net— — — — — 
Fee and other income1,986 798 19 — 2,803 
Net result from derivative transactions1,301 — 35 190 1,526 
Earnings (loss) from investment in unconsolidated ventures— — (288)— (288)
Gain (loss) on extinguishment of debt— — — 1 1 
Total other income (loss)8,201 798 25,541 191 34,731 
Costs and expenses
Compensation and employee benefits— — — (11,561)(11,561)
Operating expenses— — — (4,767)(4,767)
Real estate operating expenses— — (10,266)— (10,266)
Investment related expenses(538)(102)(91)(113)(844)
Depreciation and amortization— — (7,933)(110)(8,043)
Total costs and expenses(538)(102)(18,290)(16,551)(35,481)
Income (loss) before taxes38,210 24,361 788 (42,537)20,822 
Income tax (expense) benefit— — — (3,714)(3,714)
Segment net income (loss)$38,210 $24,361 $788 $(46,251)$17,108 
Total assets as of December 31, 2025$2,198,224 $2,088,285 $748,006 $118,035 $5,152,550 
Six months ended June 30, 2026LoansSecuritiesReal Estate (1)Corporate/Other(2)Company 
Total
Net interest income
Interest income$98,758 $52,942 $47 $678 $152,425 
Interest expense(1,579)(22,405)(11,182)(71,655)(106,821)
Net interest income (expense)97,179 30,537 (11,135)(70,977)45,604 
(Provision for) release of loan loss reserves(94)— — — (94)
Net interest income (expense) after provision for (release of) loan reserves97,085 30,537 (11,135)(70,977)45,510 
Other income (loss)
Real estate operating income— — 58,197 — 58,197 
Net result from mortgage loan receivables held for sale (3)225 — — 22 247 
Gain (loss) on real estate, net— — — — — 
Fee and other income3,157 1,812 — — 4,969 
Net result from derivative transactions— — — 553 553 
Earnings (loss) from investment in unconsolidated ventures— — (4)— (4)
Gain (loss) on extinguishment of debt— — — 72 72 
Total other income (loss)3,382 1,812 58,193 647 64,034 
Costs and expenses
Compensation and employee benefits— — — (34,584)(34,584)
Operating expenses— — — (10,201)(10,201)
Real estate operating expenses— — (24,167)— (24,167)
Investment related expenses(1,065)(8)(108)(1,681)(2,862)
Depreciation and amortization— — (18,026)(224)(18,250)
Total costs and expenses(1,065)(8)(42,301)(46,690)(90,064)
Income (loss) before taxes99,402 32,341 4,757 (117,020)19,480 
Income tax (expense) benefit— — — (2,315)(2,315)
Segment net income (loss)$99,402 $32,341 $4,757 $(119,335)$17,165 
Total assets as of June 30, 2026$2,770,248 $1,872,439 $817,990 $145,605 $5,606,282 
Six months ended June 30, 2025LoansSecuritiesReal Estate (1)Corporate/Other(2)Company 
Total
Net interest income
Interest income$70,231 $43,225 $198 $13,406 $127,061 
Interest expense(13,388)(1,032)(13,244)(57,537)(85,202)
Net interest income (expense)56,842 42,193 (13,046)(44,131)41,859 
(Provision for) release of loan loss reserves123 — — — 123 
Net interest income (expense) after provision for (release of) loan reserves56,965 42,193 (13,046)(44,131)41,982 
Other income (loss)
Real estate operating income— — 47,548 — 47,548 
Net result from mortgage loan receivables held for sale5,076 — — — 5,076 
Gain (loss) on real estate, net— — 3,807 — 3,807 
Fee and other income5,480 2,589 19 — 8,088 
Net result from derivative transactions1,301 — 70 478 1,849 
Earnings (loss) from investment in unconsolidated ventures— — (1,020)— (1,020)
Gain (loss) on extinguishment of debt— — — 257 257 
Total other income (loss)11,857 2,589 50,424 735 65,605 
Costs and expenses
Compensation and employee benefits— — — (30,322)(30,322)
Operating expenses— — — (9,283)(9,283)
Real estate operating expenses— — (19,032)— (19,032)
Investment related expenses(1,326)(167)(192)(346)(2,031)
Depreciation and amortization— — (15,162)(217)(15,379)
Total costs and expenses(1,326)(167)(34,386)(40,168)(76,047)
Income (loss) before taxes67,496 44,615 2,992 (83,564)31,540 
Income tax (expense) benefit— — — (2,876)(2,876)
Segment net income (loss)$67,496 $44,615 $2,992 $(86,440)$28,664 
Total assets as of December 31, 2025$2,198,224 $2,088,285 $748,006 $118,035 $5,152,550 
Includes the Company’s investment in unconsolidated ventures that held real estate of $41.5 million and $44.5 million as of June 30, 2026 and December 31, 2025, respectively. This segment also includes the Company’s capital improvements of real estate of $1.7 million and $1.5 million as of June 30, 2026 and 2025, respectively.
(2)Corporate/Other represents all corporate level and unallocated items including any inter-segment eliminations necessary to reconcile to consolidated Company totals. This segment also includes the Company’s senior unsecured notes of $2.2 billion at June 30, 2026 and December 31, 2025. Corporate/Other also includes the Company’s stock-based compensation expense of $17.8 million and $14.2 million within compensation and employee benefits as of June 30, 2026 and 2025, respectively.
(3)Includes $22 thousand of realized losses from the sale of a conduit mortgage loan collateralized by a property in the Company’s real estate segment that eliminates in consolidation for the three and six months ended June 30, 2026.