v3.26.3
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Assets    
Cash and cash equivalents $ 63,601 $ 66,789
Restricted cash 113,996 107,046
Loans and preferred equity held for investment 3,082,324 2,678,315
Current expected credit loss reserve (106,317) (87,401)
Loans and preferred equity held for investment, net 2,976,007 2,590,914
Real estate, net 413,044 679,779
Receivables, net 39,495 45,591
Deferred leasing costs and intangible assets, net 3,744 27,646
Assets held for sale 32,012 0
Other assets 25,674 47,065
Total assets 3,667,573 3,564,830
Liabilities    
Securitization bonds payable, net 1,362,731 977,082
Mortgage and other notes payable, net 210,988 414,060
Credit facilities 1,059,853 1,078,098
Accrued and other liabilities 54,257 64,098
Escrow deposits payable 88,139 82,511
Dividends payable 21,812 20,576
Total liabilities 2,797,780 2,636,425
Commitments and contingencies (Note 12)
Stockholders’ equity    
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively 0 0
Common stock, $0.01 par value per share, Class A, 950,000,000 shares authorized, 124,676,733 and 128,627,246 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively 1,247 1,286
Additional paid-in capital 2,838,885 2,863,377
Accumulated deficit (1,957,040) (1,926,231)
Total stockholders’ equity 883,092 938,432
Noncontrolling interests in investment entities (13,299) (10,027)
Total equity 869,793 928,405
Total liabilities and equity 3,667,573 3,564,830
Primary beneficiary    
Assets    
Cash and cash equivalents 1,861 1,461
Restricted cash 15,341 9,149
Loans and preferred equity held for investment, net 1,565,318 1,151,496
Real estate, net 114,866 149,343
Receivables, net 19,183 16,053
Deferred leasing costs and intangible assets, net 3,597 3,544
Other assets 21,501 23,970
Total assets 1,741,667 1,355,016
Liabilities    
Securitization bonds payable, net 1,362,731 977,082
Mortgage and other notes payable, net 94,666 96,348
Credit facilities 25,866 45,145
Accrued and other liabilities 11,613 8,074
Escrow deposits payable 4,224 3,354
Total liabilities $ 1,499,100 $ 1,130,003