v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Assets:    
Cash and cash equivalents $ 1,239,480 $ 139,825
Commercial mortgage loans, net   8,774,216
Real estate owned, held for investment, net (net of $43,048 and $34,438 accumulated depreciation in 2026 and 2025, respectively) 856,970 842,947
Other assets 39,854 143,979
Total Assets 2,136,304 9,900,967
Liabilities:    
Debt related to real estate owned, held for investment, net 371,428 424,703
Accounts payable, accrued expenses and other liabilities [1] 506,577 91,462
Derivative liabilities, net 0 26,791
Total Liabilities 881,444 8,044,877
Commitments and Contingencies (see Note 16)
Stockholders' Equity:    
Preferred stock, $0.01 par value, 50,000,000 shares authorized, Series B-1, 6,770,393 shares issued and outstanding ($169,260 liquidation preference) in 2026 and 2025 (see Note 15) 68 68
Common stock, $0.01 par value, 450,000,000 shares authorized, 128,212,093 and 138,943,831 shares issued and outstanding in 2026 and 2025, respectively 1,282 1,389
Additional paid-in-capital 2,581,422 2,704,316
Accumulated deficit (1,327,912) (849,683)
Total Stockholders' Equity 1,254,860 1,856,090
Total Liabilities and Stockholders' Equity 2,136,304 9,900,967
Related Party    
Liabilities:    
Payable to related party 3,439 8,612
Secured Debt    
Liabilities:    
Secured debt arrangements, net 0 6,268,550
Senior secured term loans and notes, net 0 727,533
Senior Notes    
Liabilities:    
Senior secured term loans and notes, net 0 497,226
Commercial Mortgage Portfolio Segment    
Assets:    
Commercial mortgage loans, net [2],[3],[4] 0 8,712,018
Subordinate Mortgage Portfolio Segment    
Assets:    
Commercial mortgage loans, net [4] $ 0 $ 62,198
[1] Includes $5,759 of General CECL Allowance related to unfunded commitments on commercial mortgage loans and subordinate loans, net in 2025.
[2] Includes carrying value of $8,424,605 pledged as collateral under secured debt arrangements in 2025.
[3] Includes $158.7 million of contiguous financing structured as subordinate loans in 2025.
[4] Net of $376,754 CECL Allowance comprised $38,754 General CECL Allowance and $338,000 Specific CECL Allowance in 2025.