Summary of Significant Accounting Policies	6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 - Summary of Significant Accounting Policies Basis of Accounting The Company's unaudited consolidated financial statements and related footnotes have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America ("GAAP") for interim financial statements and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X, as appropriate. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of, and for the year ended December 31, 2025, which are included in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on February 25, 2026, as certain disclosures that would substantially duplicate those contained in the audited consolidated financial statements have not been included in this report. Reclassifications Certain prior year balances have been reclassified in order to conform to the current period presentation. For the six months ended June 30, 2025, $5.3 million was reclassified from Realized gain/(loss) on sale of commercial mortgage loans, held for sale, measured at fair value to Gain/(loss) on sales, including fee-based services, net on the consolidated statements of operations. For the six months ended June 30, 2025, Unrealized gain/(loss) on derivatives and Realized gain/(loss) on derivatives were combined and reclassified to Gain/(loss) on derivatives, resulting in net $0.3 million, respectively, being reclassified on the consolidated statements of operations. Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reported periods. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ materially. In the opinion of management, the interim data includes all adjustments, of a normal and recurring nature, necessary for a fair statement of the results for the periods presented. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the entire year or any subsequent interim periods. Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members, as well as whether the entity is a variable interest entity ("VIE") for which the Company is the primary beneficiary. The Company has determined the OP is a VIE of which the Company is the primary beneficiary. Substantially all of the Company's assets and liabilities are held by the OP. The Company consolidates all entities that it controls through either majority ownership or voting rights. In addition, the Company consolidates all VIEs of which the Company is considered the primary beneficiary. VIEs are entities in which equity investors (i) do not have the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is its primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. Non-controlling interest represents the equity of consolidated joint ventures that are not owned by the Company. Collateralized Loan Obligations - The accompanying consolidated financial statements include the accounts of collateralized loan obligations ("CLOs") issued and securitized by wholly owned subsidiaries of the Company. The Company has determined the CLOs are VIEs of which the Company's subsidiary is the primary beneficiary. The assets and liabilities of the CLOs are consolidated in the accompanying consolidated balance sheets in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation. Commercial Mortgage-Backed Securities - The Company invests in subordinate, non-investment grade and unrated securities issued by commercial mortgage-backed securities (“CMBS”) trusts, certain of which securities represent the controlling class. Management believes that the performance of the underlying commercial real estate loans is the activity that most significantly affects the economic performance of the CMBS trusts. Under the applicable trust documents, the controlling-class holder generally has the unilateral right to appoint and remove the special servicer, which manages delinquent and defaulted loans and related loss-mitigation activities. The Company consolidates a CMBS trust when the trust is a VIE and the Company is its primary beneficiary. The Company generally concludes that it is the primary beneficiary when its controlling-class rights provide it with the power to direct the activities that most significantly affect the trust’s economic performance and its investment exposes it to losses or benefits that could potentially be significant to the trust. Upon consolidation, the Company records the trust’s assets and liabilities and eliminates its investment and related transactions with the trust, including interest, servicing fees and associated balances. The difference between the trust’s assets and liabilities represents the Company’s beneficial interest. The Company has elected the fair value option for the initial and subsequent measurement of the eligible financial assets and financial liabilities of its consolidated CMBS trusts. The Company has also elected the measurement alternative under ASC 810, as amended by Accounting Standards Update 2014-13 (“ASU 2014-13”), for qualifying consolidated CMBS trusts. Under the measurement alternative, the Company measures the financial assets and financial liabilities of a qualifying consolidated CMBS trust using the more observable of the fair value of the financial assets or the fair value of the financial liabilities. The fair value of the financial liabilities is more observable and as such, the Company measures the trust’s financial assets based on the fair value of the financial liabilities, adjusted for the fair value of the Company’s retained beneficial interests. Changes in the net assets of the consolidated CMBS trusts, including changes attributable to fair value, interest income, interest expense, credit risk and other market factors, are presented on a net basis within Income (loss) from VIE's in the consolidated statements of operations. The assets of the consolidated trust, primarily commercial mortgage loans and related interest accruals, are presented within VIE assets, measured at fair value, and the liabilities of the consolidated trust, primarily obligations to the external CMBS holders and related interest accruals, are presented within VIE liabilities, measured at fair value on the consolidated balance sheets. As the trust assets are measured as a single pool under ASU 2014-13, individual asset categories are not separately presented when doing so would require an arbitrary allocation of fair value. The Company reassesses its VIE consolidation conclusions on an ongoing basis as facts and circumstances change. Cash and Cash Equivalents Cash consists of amounts deposited with high quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company up to an insurance limit. Cash equivalents include short-term, liquid investments in money market funds with original maturities of 90 days or less when purchased. Cash and cash equivalent balances may, at a limited number of banks and financial institutions, exceed insurable amounts. The Company believes it mitigates risk by investing in or through major financial institutions and primarily in funds that are currently U.S. federal government insured up to applicable account limits. Recently Issued Accounting Pronouncements In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). ASU 2024-03 requires disaggregated disclosures of certain categories of expenses that are included on the face of the income statement. The standard is to be adopted prospectively, with the option to apply retrospectively, and is effective for annual periods starting after December 15, 2026. The Company is currently assessing the impact that ASU 2024-03 will have on the consolidated financial statements. In September 2025, the FASB issued ASU, 2025-06 “Intangibles - Goodwill and Other Internal-Use Software (Subtopic 350-40),” or ASU 2025-06. ASU 2025-06 modernizes the accounting for software costs. ASU 2025-06 is effective on a prospective basis, with options for modified transition and retrospective application, for annual periods beginning after December 15, 2027 and early adoption is permitted. The Company is currently assessing the impact that ASU 2025-06 will have on the consolidated financial statements.

The Company's unaudited consolidated financial statements and related footnotes have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America ("GAAP") for interim financial statements and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X, as appropriate.

These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of, and for the year ended December 31, 2025, which are included in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on February 25, 2026, as certain disclosures that would substantially duplicate those contained in the audited consolidated financial statements have not been included in this report.

For the six months ended June 30, 2025, $5.3 million was reclassified from Realized gain/(loss) on sale of commercial mortgage loans, held for sale, measured at fair value to Gain/(loss) on sales, including fee-based services, net on the consolidated statements of operations.

For the six months ended June 30, 2025, Unrealized gain/(loss) on derivatives and Realized gain/(loss) on derivatives were combined and reclassified to Gain/(loss) on derivatives, resulting in net $0.3 million, respectively, being reclassified on the consolidated statements of operations.

GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reported periods. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ materially. In the opinion of management, the interim data includes all adjustments, of a normal and recurring nature, necessary for a fair statement of the results for the periods presented. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the entire year or any subsequent interim periods.

The accompanying consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members, as well as whether the entity is a variable interest entity ("VIE") for which the Company is the primary beneficiary.

The Company consolidates all entities that it controls through either majority ownership or voting rights. In addition, the Company consolidates all VIEs of which the Company is considered the primary beneficiary. VIEs are entities in which equity investors (i) do not have the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is its primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. Non-controlling interest represents the equity of consolidated joint ventures that are not owned by the Company.

Collateralized Loan Obligations - The accompanying consolidated financial statements include the accounts of collateralized loan obligations ("CLOs") issued and securitized by wholly owned subsidiaries of the Company. The Company has determined the CLOs are VIEs of which the Company's subsidiary is the primary beneficiary. The assets and liabilities of the CLOs are consolidated in the accompanying consolidated balance sheets in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation.

Commercial Mortgage-Backed Securities - The Company invests in subordinate, non-investment grade and unrated securities issued by commercial mortgage-backed securities (“CMBS”) trusts, certain of which securities represent the controlling class. Management believes that the performance of the underlying commercial real estate loans is the activity that most significantly affects the economic performance of the CMBS trusts. Under the applicable trust documents, the controlling-class holder generally has the unilateral right to appoint and remove the special servicer, which manages delinquent and defaulted loans and related loss-mitigation activities.

The Company consolidates a CMBS trust when the trust is a VIE and the Company is its primary beneficiary. The Company generally concludes that it is the primary beneficiary when its controlling-class rights provide it with the power to direct the activities that most significantly affect the trust’s economic performance and its investment exposes it to losses or benefits that could potentially be significant to the trust.

Upon consolidation, the Company records the trust’s assets and liabilities and eliminates its investment and related transactions with the trust, including interest, servicing fees and associated balances. The difference between the trust’s assets and liabilities represents the Company’s beneficial interest.

The Company has elected the fair value option for the initial and subsequent measurement of the eligible financial assets and financial liabilities of its consolidated CMBS trusts. The Company has also elected the measurement alternative under ASC 810, as amended by Accounting Standards Update 2014-13 (“ASU 2014-13”), for qualifying consolidated CMBS trusts.

Under the measurement alternative, the Company measures the financial assets and financial liabilities of a qualifying consolidated CMBS trust using the more observable of the fair value of the financial assets or the fair value of the financial liabilities. The fair value of the financial liabilities is more observable and as such, the Company measures the trust’s financial assets based on the fair value of the financial liabilities, adjusted for the fair value of the Company’s retained beneficial interests.

Changes in the net assets of the consolidated CMBS trusts, including changes attributable to fair value, interest income, interest expense, credit risk and other market factors, are presented on a net basis within Income (loss) from VIE's in the consolidated statements of operations. The assets of the consolidated trust, primarily commercial mortgage loans and related interest accruals, are presented within VIE assets, measured at fair value, and the liabilities of the consolidated trust, primarily obligations to the external CMBS holders and related interest accruals, are presented within VIE liabilities, measured at fair value on the consolidated balance sheets. As the trust assets are measured as a single pool under ASU 2014-13, individual asset categories are not separately presented when doing so would require an arbitrary allocation of fair value.

Cash consists of amounts deposited with high quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company up to an insurance limit. Cash equivalents include short-term, liquid investments in money market funds with original maturities of 90 days or less when purchased. Cash and cash equivalent balances may, at a limited number of banks and financial institutions, exceed insurable amounts. The Company believes it mitigates risk by investing in or through major financial institutions and primarily in funds that are currently U.S. federal government insured up to applicable account limits.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). ASU 2024-03 requires disaggregated disclosures of certain categories of expenses that are included on the face of the income statement. The standard is to be adopted prospectively, with the option to apply retrospectively, and is effective for annual periods starting after December 15, 2026. The Company is currently assessing the impact that ASU 2024-03 will have on the consolidated financial statements.

In September 2025, the FASB issued ASU, 2025-06 “Intangibles - Goodwill and Other Internal-Use Software (Subtopic 350-40),” or ASU 2025-06. ASU 2025-06 modernizes the accounting for software costs. ASU 2025-06 is effective on a prospective basis, with options for modified transition and retrospective application, for annual periods beginning after December 15, 2027 and early adoption is permitted. The Company is currently assessing the impact that ASU 2025-06 will have on the consolidated financial statements.