DEBT SECURITIES INVESTMENTS (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Schedule of Investments in Debt Securities and Beneficial Interests |
The following table presents information regarding the Company’s investments in debt securities: | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Basis(1) | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | CMBS, at fair value | $ | 84,268 | | | $ | 170 | | | $ | (73) | | | $ | 84,365 | | | RMBS: | | | | | | | | | RMBS AFS, at fair value | 47,805 | | | 478 | | | (293) | | | 47,990 | | Debt securities HTM at amortized cost, net of allowance for credit losses of $0 | 39,623 | | | — | | | (1,582) | | | 38,041 | | Investment in beneficial interests at amortized cost, net of allowance for credit losses of $0 | 102,224 | | | 9,300 | | | (34,884) | | | 76,640 | | | RMBS | 189,652 | | | 9,778 | | | (36,759) | | | 162,671 | | | | | | | | | | | Total Debt Security Investments | $ | 273,920 | | | $ | 9,948 | | | $ | (36,832) | | | $ | 247,036 | |
(1)Basis amount is net of amortized discount, principal paydowns and interest receivable on CMBS, RMBS AFS and HTM before any fair value adjustment.
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Basis(1) | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | CMBS, at fair value | $ | 273,421 | | | $ | 596 | | | $ | (234) | | | $ | 273,783 | | | RMBS: | | | | | | | | | RMBS AFS, at fair value | 48,810 | | | 648 | | | (218) | | | 49,240 | | Debt securities HTM at amortized cost, net of allowance for credit losses of $0 | 41,528 | | | — | | | (1,210) | | | 40,318 | | Investment in beneficial interests at amortized cost, net of allowance for credit losses of $0 | 99,179 | | | 9,327 | | | (42,257) | | | 66,249 | | | RMBS | 189,517 | | | 9,975 | | | (43,685) | | | 155,807 | | | | | | | | | | | Total Debt Security Investments | $ | 462,938 | | | $ | 10,571 | | | $ | (43,919) | | | $ | 429,590 | |
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| Schedule of Debt Securities, Available-For-Sale, Unrealized Losses and Gains Position, Fair Value |
The following tables present a breakdown of the Company’s gross unrealized gains and losses on its investments in RMBS AFS grouped by due date:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Step-Up Date(s)(1) | | Basis(2) | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | RMBS due March 2060 | n/a | | $ | 4,060 | | | $ | 106 | | | $ | — | | | $ | 4,166 | | RMBS due January 2061(3) | n/a | | 5,446 | | | — | | | (15) | | | 5,431 | | | RMBS due June 2061 | n/a | | 9,056 | | | 309 | | | — | | | 9,365 | | RMBS due October 2061(3) | April 2029 | | 5,017 | | | — | | | (142) | | | 4,875 | | RMBS due March 2062(3) | May 2029 | | 5,302 | | | — | | | (136) | | | 5,166 | | | RMBS due July 2062 | February 2030 | | 8,811 | | | 6 | | | — | | | 8,817 | | | RMBS due October 2062 | October 2026 | | 4,185 | | | 4 | | | — | | | 4,189 | | | RMBS due May 2063 | July 2030 | | 5,928 | | | 53 | | | — | | | 5,981 | | | RMBS AFS, at Fair Value | | $ | 47,805 | | | $ | 478 | | | $ | (293) | | | $ | 47,990 | |
(1)When applicable, the step-up date is the date at which the coupon interest rate on the security increases. (2)Basis amount is net of any realized amortized costs, accrued interest and principal paydowns or additional investment into security. (3)These securities have been in an unrealized loss position for 12 months or longer. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Step-Up Date(s)(1) | | Basis(2) | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | RMBS due March 2060 | n/a | | $ | 3,916 | | | $ | 67 | | | $ | — | | | $ | 3,983 | | | | | | | | | | | | RMBS due January 2061(3) | n/a | | 5,268 | | | — | | | (68) | | | 5,200 | | | RMBS due June 2061 | n/a | | 8,833 | | | 154 | | | — | | | 8,987 | | RMBS due October 2061(3) | April 2029 | | 5,389 | | | — | | | (77) | | | 5,312 | | RMBS due March 2062(3) | May 2029 | | 5,789 | | | — | | | (73) | | | 5,716 | | | RMBS due July 2062 | February 2030 | | 8,915 | | | 256 | | | — | | | 9,171 | | | RMBS due October 2062 | October 2026 | | 4,389 | | | 32 | | | — | | | 4,421 | | | RMBS due May 2063 | July 2030 | | 6,311 | | | 139 | | | — | | | 6,450 | | | RMBS AFS, at Fair Value | | $ | 48,810 | | | $ | 648 | | | $ | (218) | | | $ | 49,240 | |
(1)When applicable, the step-up date is the date at which the coupon interest rate on the security increases. (2)Basis amount is net of any realized amortized costs, accrued interest and principal paydowns or additional investment into security. (3)These securities have been in an unrealized loss position for 12 months or longer.
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| Schedule of Securities Accretable Interest Income |
The following table presents accretable interest income on debt securities and accretable yield on beneficial interests recognized for the three and six months ended June 30, 2026 and 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | | 2026 | | 2025 | | 2026 | | 2025 | | | | Interest income on CMBS | $ | 1,586 | | | $ | 4,354 | | | $ | 5,276 | | | $ | 8,436 | | | | | Interest income on RMBS AFS and HTM | 1,274 | | | 1,486 | | | 2,540 | | | 2,903 | | | | | Accretable yield recognized on RMBS beneficial interests | 2,430 | | | 1,400 | | | 4,193 | | | 3,084 | | | | | $ | 5,290 | | | $ | 7,240 | | | $ | 12,009 | | | $ | 14,423 | | | |
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