Investment Securities (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 Investment Securities |
Investment securities were comprised of the following as of June 30, 2026 and December 31, 2025 (amounts in thousands): | | | | | | | | | | | | | Carrying Value as of | | June 30, 2026 | | December 31, 2025 | | RMBS, available-for-sale | $ | 84,800 | | | $ | 88,283 | | | RMBS, fair value option (1) | 312,961 | | | 404,688 | | | CMBS, fair value option (1), (2) | 1,262,903 | | | 1,284,863 | | HTM debt securities, amortized cost net of credit loss allowance of $55,258 and $37,369 | 283,049 | | | 179,567 | | | Equity security, fair value | — | | | 628 | | Subtotal—Investment securities | 1,943,713 | | | 1,958,029 | | | VIE eliminations (1) | (1,540,884) | | | (1,657,029) | | | Total investment securities | $ | 402,829 | | | $ | 301,000 | |
_____________________________________________________________________________________________________________________(1)Certain fair value option CMBS and RMBS are eliminated in consolidation against VIE liabilities pursuant to ASC 810. (2)Includes $144.6 million and $146.5 million of non-controlling interests in the consolidated entities which hold certain of these CMBS as of June 30, 2026 and December 31, 2025, respectively.
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| Schedule of Purchases, Sales and Redemptions, and Principal Collections for All Investment Securities |
Purchases, sales and redemptions, and principal collections for all investment securities were as follows (amounts in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | RMBS,
available-for-sale | | RMBS, fair
value option | | CMBS, fair
value option | | HTM
Securities | | Equity
Security | | Securitization
VIEs (1) | | Total | Three Months Ended June 30, 2026 | | | | | | | | | | | | | | | Purchases/fundings | $ | — | | | $ | — | | | $ | 46,791 | | | $ | 110,239 | | | $ | — | | | $ | (44,454) | | | $ | 112,576 | | | Sales and redemptions | — | | | — | | | 13,311 | | | — | | | — | | | (4,200) | | | 9,111 | | | Principal collections | 1,771 | | | 7,710 | | | 4,988 | | | 891 | | | — | | | (12,539) | | | 2,821 | | | Redemptions | — | | | 82,082 | | | — | | | — | | | — | | | (82,082) | | | — | | Three Months Ended June 30, 2025 | | | | | | | | | | | | | | | Purchases/fundings | $ | — | | | $ | — | | | $ | 56,999 | | | $ | 7,747 | | | $ | — | | | $ | (56,999) | | | $ | 7,747 | | | Sales and redemptions | — | | | — | | | 4,193 | | | — | | | — | | | — | | | 4,193 | | | Principal collections | 1,825 | | | 10,078 | | | 3,073 | | | 118 | | | — | | | (13,109) | | | 1,985 | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | RMBS,
available-for-sale | | RMBS, fair
value option | | CMBS, fair
value option | | HTM
Securities | | Equity
Security | | Securitization
VIEs (1) | | Total | Six Months Ended June 30, 2026 | | | | | | | | | | | | | | | Purchases/fundings | $ | — | | | $ | — | | | $ | 53,318 | | | $ | 126,445 | | | $ | — | | | $ | (44,454) | | | $ | 135,309 | | | Sales and redemptions | — | | | — | | | 17,176 | | | — | | | 625 | | | (8,065) | | | 9,736 | | | Principal collections | 3,710 | | | 15,885 | | | 48,465 | | | 3,417 | | | — | | | (63,825) | | | 7,652 | | | Redemptions | — | | | 82,082 | | | — | | | — | | | — | | | (82,082) | | | — | | Six Months Ended June 30, 2025 | | | | | | | | | | | | | | | Purchases/fundings | $ | — | | | $ | — | | | $ | 65,665 | | (2) | $ | 17,546 | | | $ | — | | | $ | (61,638) | | | $ | 21,573 | | | Sales and redemptions | — | | | — | | | 4,193 | | | — | | | 1,350 | | | — | | | 5,543 | | | Principal collections | 3,898 | | | 20,158 | | | 65,157 | | | 50,968 | | | — | | | (85,229) | | | 54,952 | | | | | | | | | | | | | | | |
_________________________________________________________________________________________________________________(1)Represents RMBS and CMBS, fair value option amounts eliminated due to our consolidation of securitization VIEs. These amounts are reflected as issuance or repayment of debt of, or distributions from, consolidated VIEs in our consolidated statements of cash flows. (2)There was an additional $3.4 million of CMBS purchased from a consolidated partnership that is eliminated in consolidation.
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| Schedule of Investments in Available-for-Sale RMBS |
The tables below summarize various attributes of our investments in available-for-sale RMBS as of June 30, 2026 and December 31, 2025 (amounts in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Unrealized Gains or (Losses)
Recognized in AOCI | | | | Amortized
Cost | | Credit
Loss
Allowance | | Net
Basis | | Gross
Unrealized
Gains | | Gross
Unrealized
Losses | | Net
Fair Value
Adjustment | | Fair Value | | June 30, 2026 | | | | | | | | | | | | | | | RMBS | $ | 75,102 | | | $ | — | | | $ | 75,103 | | | $ | 11,556 | | | $ | (1,859) | | | $ | 9,697 | | | $ | 84,800 | | | December 31, 2025 | | | | | | | | | | | | | | | RMBS | $ | 76,723 | | | $ | — | | | $ | 76,723 | | | $ | 13,340 | | | $ | (1,780) | | | $ | 11,560 | | | $ | 88,283 | |
| | | | | | | | | | | | | Weighted Average Coupon (1) | | WAL
(Years) (2) | | June 30, 2026 | | | | | RMBS | 4.4 | % | | 7.2 |
______________________________________________________________________________________________________________________ (1)Calculated using the June 30, 2026 SOFR rate of 3.654% for floating rate securities. (2)Represents the remaining WAL of each respective group of securities as of the balance sheet date. The WAL of each individual security is calculated using projected amounts and projected timing of future principal payments.
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| Schedule of Gross Unrealized Losses and Estimated Fair Value of Securities with No Recorded Allowance for Credit Loss |
The following table presents the gross unrealized losses and estimated fair value of any available-for-sale securities that were in an unrealized loss position as of June 30, 2026 and December 31, 2025, and for which an allowance for credit losses has not been recorded (amounts in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Estimated Fair Value | | Unrealized Losses | | Securities with a
loss less than
12 months | | Securities with a
loss greater than
12 months | | Securities with a
loss less than
12 months | | Securities with a
loss greater than
12 months | | As of June 30, 2026 | | | | | | | | | RMBS | $ | 1,401 | | | $ | 10,421 | | | $ | (36) | | | $ | (1,823) | | | As of December 31, 2025 | | | | | | | | | RMBS | $ | 480 | | | $ | 10,943 | | | $ | — | | | $ | (1,780) | |
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| Schedule of Investments in HTM Securities |
The table below summarizes our investments in HTM debt securities as of June 30, 2026 and December 31, 2025 (amounts in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Amortized
Cost Basis | | Credit Loss
Allowance | | Net Carrying
Amount | | Gross Unrealized
Holding Gains | | Gross Unrealized
Holding Losses | | Fair Value | | June 30, 2026 | | | | | | | | | | | | | CMBS | $ | 89,441 | | | $ | (7) | | | $ | 89,434 | | | $ | 438 | | | $ | (10,905) | | | $ | 78,967 | | | Preferred interests | 114,267 | | | (44,587) | | | 69,680 | | | — | | | (31,869) | | | 37,811 | | | Infrastructure bonds | 134,599 | | | (10,664) | | | 123,935 | | | 1,343 | | | — | | | 125,278 | | | Total | $ | 338,307 | | | $ | (55,258) | | | $ | 283,049 | | | $ | 1,781 | | | $ | (42,774) | | | $ | 242,056 | | | | | | | | | | | | | | | December 31, 2025 | | | | | | | | | | | | | CMBS | $ | 92,629 | | | $ | (13) | | | $ | 92,616 | | | $ | 603 | | | $ | (11,436) | | | $ | 81,783 | | | Preferred interests | 82,844 | | | (27,166) | | | 55,678 | | | — | | | (22,942) | | | 32,736 | | | Infrastructure bonds | 41,463 | | | (10,190) | | | 31,273 | | | 650 | | | — | | | 31,923 | | | Total | $ | 216,936 | | | $ | (37,369) | | | $ | 179,567 | | | $ | 1,253 | | | $ | (34,378) | | | $ | 146,442 | |
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| Schedule of Activity in Credit Loss Allowance for HTM Debt Securities |
The following table presents the activity in our credit loss allowance for HTM debt securities (amounts in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | CMBS | | Preferred
Interests | | Infrastructure
Bonds | | Total HTM
Credit Loss
Allowance | Six Months Ended June 30, 2026 | | | | | | | | | Credit loss allowance at December 31, 2025 | $ | 13 | | | $ | 27,166 | | | $ | 10,190 | | | $ | 37,369 | | Credit loss (reversal) provision, net | (6) | | | 17,421 | | | 474 | | | 17,889 | | | Credit loss allowance at June 30, 2026 | $ | 7 | | | $ | 44,587 | | | $ | 10,664 | | | $ | 55,258 | |
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| Schedule of Maturities of our HTM Debt Securities |
The table below summarizes the maturities of our HTM debt securities by type as of June 30, 2026 (amounts in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | CMBS | | Preferred
Interests | | Infrastructure
Bonds | | Total | | Less than one year | $ | 25,453 | | | $ | 37,948 | | | $ | — | | | $ | 63,401 | | | One to three years | — | | | 15,740 | | | 4,569 | | | 20,309 | | | Three to five years | 63,981 | | | 15,992 | | | 4,946 | | | 84,919 | | | Thereafter | — | | | — | | | 114,420 | | | 114,420 | | | Total | $ | 89,434 | | | $ | 69,680 | | | $ | 123,935 | | | $ | 283,049 | |
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