v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
ASSETS    
Cash and cash equivalents $ 136,347 $ 167,292
Restricted cash 18,664 17,889
Investment securities, held to maturity [1] 23,356 20,483
Commercial mortgage loans, held for investment, net of allowance for credit losses of $54,457 and $38,302 as of June 30, 2026 and December 31, 2025, respectively [2] 4,275,122 4,383,134
Commercial mortgage loans, held for sale, measured at fair value [3] 251,842 360,718
Real estate securities, available for sale, measured at fair value, amortized cost of $187,905 and $151,946 as of June 30, 2026 and December 31, 2025, respectively [4] 187,247 151,662
Mortgage servicing rights, net 205,549 212,216
Accrued interest receivable 33,665 41,468
Receivable for loan repayment [5] 80,337 50,619
Prepaid expenses and other assets 37,233 45,112
Real estate owned, net of depreciation 164,593 99,265
Real estate owned, held for sale 115,738 198,883
Equity method investments 89,186 71,682
Intangible assets, net of amortization 111,866 115,553
Goodwill 92,048 92,048
Derivative instruments, measured at fair value 12,155 11,315
Loans eligible for repurchase 4,881 17,911
Variable interest entity (“VIE”) assets, measured at fair value 544,017 0
Total assets 6,383,846 6,057,250
LIABILITIES AND STOCKHOLDERS' EQUITY    
Collateralized loan obligations 2,943,642 2,735,582
Unsecured debt 185,923 185,466
Mortgage note payable 24,186 23,998
Allowance for loss sharing 19,409 19,484
Accrued compensation 32,878 43,662
Liability for loans eligible for repurchase 4,881 17,911
Interest payable 13,460 16,110
Distributions payable 22,945 38,935
Accounts payable and accrued expenses 15,266 18,892
Due to affiliates 11,322 12,054
Derivative instruments, measured at fair value 7,477 6,951
Other liabilities 25,022 29,657
VIE liabilities, measured at fair value 516,419 0
Total liabilities 4,834,613 4,436,025
Commitments and Contingencies
Redeemable convertible preferred stock:    
Total redeemable convertible preferred stock 89,748 89,748
Equity:    
Common stock, $0.01 par value, 900,000,000 shares authorized, 75,436,265 and 81,553,982 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 750 808
Additional paid-in capital 1,540,232 1,593,365
Accumulated other comprehensive income/(loss) (658) (284)
Accumulated deficit (426,442) (411,101)
Total stockholders' equity 1,372,624 1,441,530
Non-controlling interest 86,861 89,947
Total equity 1,459,485 1,531,477
Total liabilities, redeemable convertible preferred stock and equity 6,383,846 6,057,250
Repurchase agreements - commercial mortgage loans    
LIABILITIES AND STOCKHOLDERS' EQUITY    
Repurchase agreements 802,380 1,087,087
Other financings 12,865 12,865
Repurchase agreements - real estate securities    
LIABILITIES AND STOCKHOLDERS' EQUITY    
Repurchase agreements 196,538 187,371
Series H Preferred Stock    
Redeemable convertible preferred stock:    
Total redeemable convertible preferred stock 89,748 89,748
Series E Preferred Stock    
Equity:    
Preferred stock, $0.01 par value; 100,000,000 shares authorized, 7.5% Cumulative Redeemable Preferred Stock, Series E, 10,329,039 shares issued and outstanding as of June 30, 2026 and December 31, 2025 $ 258,742 $ 258,742
[1] Includes pledged assets of $23.1 million and $20.2 million as of June 30, 2026 and December 31, 2025, respectively.
[2] Includes pledged assets of $243.4 million and $329.2 million as of June 30, 2026 and December 31, 2025, respectively.
[3] Includes pledged assets of $818.5 million and $855.2 million as of June 30, 2026 and December 31, 2025, respectively.
[4] Includes pledged assets of $187.2 million and $151.7 million as of June 30, 2026 and December 31, 2025, respectively.
[5] Includes $80.2 million and $50.5 million of cash held by servicer related to the CLOs as of June 30, 2026 and December 31, 2025, respectively.