v3.26.1
Other Assets and Liabilities (Tables)
 6 Months Ended
Jun. 30, 2026
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Components of Other Assets
Other assets at June 30, 2026 and December 31, 2025 are summarized in the following table.
Table 15.1 – Components of Other Assets
(In Thousands)June 30, 2026December 31, 2025
Accrued interest receivable$151,426 $130,955 
Real estate owned134,021 124,270 
Investment receivable41,603 38,082 
Receivable from joint venture partners (1)
32,773 9,298 
Margin receivable21,458 33,439 
Deferred tax asset12,352 12,352 
Operating lease right-of-use assets11,950 8,902 
Fixed assets and leasehold improvements (2)
9,465 6,354 
Intangible assets6,602 10,623 
Other (3)
49,606 39,247 
Total Other Assets$471,256 $413,522 
(1)Receivables from joint venture partners primarily represent amounts due from joint ventures related to construction draw advances initially funded by the Company, operating expenses paid on behalf of joint ventures, and distributions receivable under contractual waterfall arrangements associated with securitized loans.
(2)Fixed assets and leasehold improvements had a basis of $24 million and accumulated depreciation of $15 million at June 30, 2026.
(3)Consists primarily of receivables related to escrow advances, prepaid assets and other receivables.
Schedule of Activity of Real Estate Owned (REO) The following table summarizes the activity and carrying values of REO assets held during the three and six months ended June 30, 2026.
Table 15.2 – REO Activity by Loan Type
Three Months Ended June 30, 2026
(In Thousands)
 Bridge Loans(1)
Sequoia Securitized LoansSecuritized Term LoansTotal
Balance at beginning of period $88,811 $2,997 $29,359 $121,167 
Transfers to REO17,478 4,026 — 21,504 
Liquidations (2)
(1,655)— (774)(2,429)
Changes in fair value, net(5,799)(422)— (6,221)
Balance at End of Period$98,835 $6,601 $28,585 $134,021 
Six Months Ended June 30, 2026
(In Thousands)
 Bridge Loans(1)
Sequoia Securitized LoansSecuritized Term LoansTotal
Balance at beginning of period $102,383 $1,984 $19,903 $124,270 
Transfers to REO33,385 5,039 9,456 47,880 
Liquidations (2)
(23,303)— (774)(24,077)
Changes in fair value, net(13,630)(422)— (14,052)
Balance at End of Period$98,835 $6,601 $28,585 $134,021 
Footnotes to Table 15.2
(1)Includes REO that were previously either legacy unsecuritized bridge loans or bridge loans within consolidated securitization entities.
(2)For the three and six months ended June 30, 2026, REO market valuation adjustments and liquidations resulted in net valuation losses of $6 million and $14 million, which were recorded in Investment fair value changes, net on our consolidated statements of (loss) income.
Schedule of Components of Accrued Expenses and Other Liabilities
Accrued expenses and other liabilities at June 30, 2026 and December 31, 2025 are summarized in the following table.
Table 15.3 – Components of Accrued Expenses and Other Liabilities
(In Thousands)June 30, 2026December 31, 2025
Payable to non-controlling interests$119,020 $120,177 
Accrued interest payable105,110 81,851 
Margin payable48,251 47,264 
Accrued compensation20,769 39,964 
Current accounts payable17,474 9,698 
Unsettled trades16,068 32,046 
Accrued operating expenses13,468 11,617 
Operating lease liabilities13,449 10,666 
Guarantee obligations3,689 1,267 
Repurchase reserve2,507 7,466 
Preferred stock dividends payable1,478 1,478 
Bridge loan holdbacks (1)
487 2,253 
Accrued taxes payable— 1,437 
Other39,129 31,751 
Total Accrued Expenses and Other Liabilities$400,899 $398,935 
(1)Bridge loan holdbacks represent amounts withheld from the initial loan proceeds and are subsequently disbursed to the borrower to be used in the construction, rehabilitation or purchase of the mortgaged property or to fund interest on the bridge loan.