v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Assets    
Cash and cash equivalents $ 68,157 $ 66,789
Restricted cash 101,563 107,046
Loans and preferred equity held for investment 2,893,663 2,678,315
Current expected credit loss reserve (98,658) (87,401)
Loans and preferred equity held for investment, net 2,795,005 2,590,914
Real estate, net 450,338 679,779
Receivables, net 51,368 45,591
Deferred leasing costs and intangible assets, net 4,337 27,646
Assets held for sale 248,418 0
Other assets 28,547 47,065
Total assets 3,747,733 3,564,830
Liabilities    
Securitization bonds payable, net 1,407,850 977,082
Mortgage and other notes payable, net 211,604 414,060
Credit facilities 926,225 1,078,098
Accrued and other liabilities 54,527 64,098
Liabilities related to assets held for sale 200,000 0
Escrow deposits payable 76,261 82,511
Dividends payable 21,885 20,576
Total liabilities 2,898,352 2,636,425
Commitments and contingencies (Note 12)
Stockholders’ equity    
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 0 0
Common stock, $0.01 par value per share, Class A, 950,000,000 shares authorized, 126,789,991 and 128,627,246 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 1,268 1,286
Additional paid-in capital 2,845,471 2,863,377
Accumulated deficit (1,983,759) (1,926,231)
Total stockholders’ equity 862,980 938,432
Noncontrolling interests in investment entities (13,599) (10,027)
Total equity 849,381 928,405
Total liabilities and equity 3,747,733 3,564,830
Primary beneficiary    
Assets    
Cash and cash equivalents 1,795 1,461
Restricted cash 12,876 9,149
Loans and preferred equity held for investment, net 1,616,299 1,151,496
Real estate, net 141,430 149,343
Receivables, net 19,356 16,053
Deferred leasing costs and intangible assets, net 3,764 3,544
Other assets 22,239 23,970
Total assets 1,817,759 1,355,016
Liabilities    
Securitization bonds payable, net 1,407,850 977,082
Mortgage and other notes payable, net 95,417 96,348
Credit facilities 45,145 45,145
Accrued and other liabilities 10,669 8,074
Escrow deposits payable 3,980 3,354
Total liabilities $ 1,563,061 $ 1,130,003