v3.26.1
SEGMENT REPORTING (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Company's Performance Evaluation by Segment
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.