v3.26.1
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Summary of Segment Reporting
The following tables present the relevant financial information for the reportable segments for the three and six months ended June 30, 2026 and 2025 (dollars in thousands):
Senior and Mezzanine Loans and Preferred EquityNet Leased and Other Real EstateCorporate and OtherTotal
Three Months Ended June 30, 2026
Interest income$52,104 $(27)$— $52,077 
Interest expense(34,318)(13)(517)(34,848)
Property and other income54 30,585 832 31,471 
Property operating expense— (18,511)— (18,511)
Transaction, investment and servicing expense(909)(79)(519)(1,507)
Interest expense on real estate— (5,121)— (5,121)
Depreciation and amortization— (8,154)(33)(8,187)
Increase of current expected credit loss reserve(13,502)— — (13,502)
Impairment of operating real estate— (9,270)— (9,270)
Compensation and benefits— — (8,989)(8,989)
Operating expense18 — (3,176)(3,158)
Other loss, net— (27)— (27)
Income (loss) before equity in earnings of unconsolidated ventures and income taxes3,447 (10,617)(12,402)(19,572)
Equity in earnings (loss) of unconsolidated ventures— — (602)(602)
Income tax expense(2)— (8)(10)
Net income (loss)$3,445 $(10,617)$(13,012)$(20,184)

Senior and Mezzanine Loans and Preferred EquityNet Leased and Other Real EstateCorporate and OtherTotal
Three Months Ended June 30, 2025
Interest income$48,581 $14 $68 $48,663 
Interest expense(31,563)(68)(304)(31,935)
Property and other income— 35,754 1,507 37,261 
Property operating expense— (16,650)— (16,650)
Transaction, investment and servicing expense(330)(14)(218)(562)
Interest expense on real estate— (6,765)— (6,765)
Depreciation and amortization— (10,575)(32)(10,607)
Increase of current expected credit loss reserve(582)— — (582)
Impairment of operating real estate— (51,127)— (51,127)
Compensation and benefits— — (8,194)(8,194)
Operating expense(2)(1)(2,973)(2,976)
Other gain (loss), net55 (3,429)12 (3,362)
Income (loss) before income taxes16,159 (52,861)(10,134)(46,836)
Income tax benefit (expense)(106)21,770 — 21,664 
Net income (loss)$16,053 $(31,091)$(10,134)$(25,172)
Senior and Mezzanine Loans and Preferred EquityNet Leased and Other Real EstateCorporate and OtherTotal
Six Months Ended June 30, 2026
Interest income$101,619 $(27)$— $101,592 
Interest expense(66,891)(25)(1,325)(68,241)
Property and other income— 63,278 3,818 67,096 
Property operating expense— (38,589)— (38,589)
Transaction, investment and servicing expense(1,566)(109)(664)(2,339)
Interest expense on real estate— (10,213)— (10,213)
Depreciation and amortization— (16,748)(66)(16,814)
Increase of current expected credit loss reserve(15,247)— — (15,247)
Impairment of operating real estate— (9,270)— (9,270)
Compensation and benefits— — (18,045)(18,045)
Operating expense29 (2)(6,280)(6,253)
Other loss, net— (31)— (31)
Income (loss) before equity in earnings of unconsolidated ventures and income taxes17,944 (11,736)(22,562)(16,354)
Equity in earnings (loss) of unconsolidated ventures— — (602)(602)
Income tax expense(3)— (101)(104)
Net income (loss)$17,941 $(11,736)$(23,265)$(17,060)

Senior and Mezzanine Loans and Preferred EquityNet Leased and Other Real EstateCorporate and OtherTotal
Six Months Ended June 30, 2025
Interest income$96,572 $42 $135 $96,749 
Interest expense(63,407)(135)(604)(64,146)
Property and other income— 62,674 4,063 66,737 
Property operating expense— (26,616)— (26,616)
Transaction, investment and servicing expense(839)(50)(303)(1,192)
Interest expense on real estate— (13,330)— (13,330)
Depreciation and amortization— (21,094)(65)(21,159)
Increase of current expected credit loss reserve(346)— — (346)
Impairment of operating real estate— (51,127)— (51,127)
Compensation and benefits— — (18,623)(18,623)
Operating expense— (2)(6,189)(6,191)
Other gain (loss), net55 (3,670)12 (3,603)
Income (loss) before income taxes32,035 (53,308)(21,574)(42,847)
Income tax benefit (expense)(134)21,516 — 21,382 
Net income (loss)$31,901 $(31,792)$(21,574)$(21,465)
Summary of Total Assets by Segment
The following table presents total assets by segment as of June 30, 2026 and December 31, 2025 (dollars in thousands):
Total AssetsSenior and Mezzanine Loans and Preferred EquityNet Leased and Other Real Estate
Corporate and Other(1)
Total
June 30, 2026$2,892,192 $789,681 $65,860 $3,747,733 
December 31, 20252,689,862 800,394 74,574 3,564,830 
_________________________________________
(1)Includes cash, unallocated receivables and deferred costs and other assets, net.
Schedule of Revenue by Geographic Areas Geography information on total income and long-lived assets are presented as follows (dollars in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Total income by geography:
United States$83,548 $81,155 $168,688 $153,989 
Norway— 4,769 — 9,497 
Total(1)
$83,548 $85,924 $168,688 $163,486 
_________________________________________
(1)Includes interest income and property and other income.