CMBS Trusts (Tables)

6 Months Ended

Jun. 30, 2026

Mortgage Banking [Abstract]

Schedule of Recognized Trusts Assets and Liabilities

The following table presents the Company’s recognized Trust’s Assets and Liabilities (in thousands):


Trust's Assets		June 30, 2026				December 31, 2025
Mortgage loans held in variable interest entities, at fair value		$	3,815,226			$	3,987,281
Accrued interest receivable			2,677				3,339

Trust's Liabilities
Bonds payable held in variable interest entities, at fair value			(3,646,077	)			(3,692,390	)
Accrued interest payable			(2,107	)			(2,699	)

Schedule of Change in Net Assets Related to Consolidated CMBS Variable Interest Entities

The following table presents “Change in net assets related to consolidated CMBS variable interest entities” (in thousands):


		For the Three Months Ended June 30,								For the Six Months Ended June 30,
		2026				2025				2026				2025
Net interest earned		$	3,521			$	5,720			$	8,494			$	11,839
Realized gain (loss)		$	(353	)		$	(130	)			(1,450	)			(84	)
Unrealized gain (loss)			257			$	(4,801	)			1,253				(3,882	)
Change in net assets related to consolidated CMBS variable interest entities		$	3,425			$	789			$	8,297			$	7,873

Schedule of Geographies and Property Types of Collateral Underlying the CMBS Trusts as Percentage of Collateral Unpaid Principal Balance

The following tables present the geographies and property types of collateral underlying the CMBS trusts consolidated by the Company as a percentage of the collateral unpaid principal balance:


Geography		June 30, 2026				December 31, 2025
Texas			18.44	%			17.92	%
Colorado			9.42	%			10.20	%
California			7.58	%			8.58	%
Florida			8.56	%			8.30	%
Washington			7.76	%			7.53	%
Georgia			5.79	%			5.60	%
New York			4.91	%			5.27	%
North Carolina			5.30	%			5.14	%
Other (28 and 33 states each at <4%)			32.24	%			31.46	%
			100.00	%			100.00	%