v3.26.3
Segment Reporting (Tables)
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Summary of Segment Reporting
The following tables present the relevant financial information for the reportable segments for the three and nine months ended September 30, 2026 and 2025 (dollars in thousands):
Senior and Mezzanine Loans and Preferred EquityNet Leased and Other Real EstateCorporate and OtherTotal
Three Months Ended September 30, 2026
Interest income$56,179 $(11)$— $56,168 
Interest expense(36,346)(13)(1,546)(37,905)
Property and other income77 30,737 373 31,187 
Property operating expense— (19,161)— (19,161)
Transaction, investment and servicing expense(1,346)(53)19 (1,380)
Interest expense on real estate— (4,655)— (4,655)
Depreciation and amortization— (4,052)(32)(4,084)
Increase of current expected credit loss reserve(15,039)— — (15,039)
Impairment of operating real estate— (5,986)— (5,986)
Compensation and benefits— — (9,197)(9,197)
Operating expense3 — (3,058)(3,055)
Other gain, net— 60,322 — 60,322 
Income (loss) before income taxes3,528 57,128 (13,441)47,215 
Income tax benefit (expense)(4)(4)27 19 
Net income (loss)$3,524 $57,124 $(13,414)$47,234 
Senior and Mezzanine Loans and Preferred EquityNet Leased and Other Real EstateCorporate and OtherTotal
Three Months Ended September 30, 2025
Interest income$48,889 $— $— $48,889 
Interest expense(31,046)(11)(307)(31,364)
Property and other income— 32,748 2,301 35,049 
Property operating expense— (19,675)— (19,675)
Transaction, investment and servicing expense(616)(23)(215)(854)
Interest expense on real estate— (5,170)— (5,170)
Depreciation and amortization— (7,155)(33)(7,188)
Increase of current expected credit loss reserve(8,215)— — (8,215)
Impairment of operating real estate— (2,509)— (2,509)
Compensation and benefits— — (8,077)(8,077)
Operating expense9 (1)(2,865)(2,857)
Other gain, net— 538 — 538 
Income (loss) before income taxes9,021 (1,258)(9,196)(1,433)
Income tax benefit (expense)(86)244 (29)129 
Net income (loss)$8,935 $(1,014)$(9,225)$(1,304)
Senior and Mezzanine Loans and Preferred EquityNet Leased and Other Real EstateCorporate and OtherTotal
Nine Months Ended September 30, 2026
Interest income$157,798 $(38)$— $157,760 
Interest expense(103,238)(37)(2,871)(106,146)
Property and other income190 94,014 4,079 98,283 
Property operating expense— (57,750)— (57,750)
Transaction, investment and servicing expense(2,912)(162)(645)(3,719)
Interest expense on real estate— (14,868)— (14,868)
Depreciation and amortization— (20,799)(98)(20,897)
Increase of current expected credit loss reserve(30,286)— — (30,286)
Impairment of operating real estate— (15,256)— (15,256)
Compensation and benefits— — (27,242)(27,242)
Operating expense33 (2)(9,339)(9,308)
Other gain, net— 60,291 — 60,291 
Income (loss) before equity in earnings of unconsolidated ventures and income taxes21,585 45,393 (36,116)30,862 
Equity in earnings (loss) of unconsolidated ventures— — (602)(602)
Income tax expense(6)(4)(75)(85)
Net income (loss)$21,579 $45,389 $(36,793)$30,175 
Senior and Mezzanine Loans and Preferred EquityNet Leased and Other Real EstateCorporate and OtherTotal
Nine Months Ended September 30, 2025
Interest income$145,461 $42 $135 $145,638 
Interest expense(94,453)(146)(911)(95,510)
Property and other income— 95,423 6,364 101,787 
Property operating expense— (46,293)— (46,293)
Transaction, investment and servicing expense(1,455)(73)(518)(2,046)
Interest expense on real estate— (18,499)— (18,499)
Depreciation and amortization— (28,249)(97)(28,346)
Increase of current expected credit loss reserve(8,562)— — (8,562)
Impairment of operating real estate— (53,636)— (53,636)
Compensation and benefits— — (26,700)(26,700)
Operating expense— (4)(9,044)(9,048)
Other gain (loss), net55 (3,132)12 (3,065)
Income (loss) before income taxes41,046 (54,567)(30,759)(44,280)
Income tax benefit (expense)(220)21,760 (29)21,511 
Net income (loss)$40,826 $(32,807)$(30,787)$(22,769)
Summary of Total Assets by Segment
The following table presents total assets by segment as of September 30, 2026 and December 31, 2025 (dollars in thousands):
Total AssetsSenior and Mezzanine Loans and Preferred EquityNet Leased and Other Real Estate
Corporate and Other(1)
Total
September 30, 2026$3,084,747 $522,872 $59,954 $3,667,573 
December 31, 20252,689,862 800,394 74,574 3,564,830 
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(1)Includes cash, unallocated receivables and deferred costs and other assets, net.
Schedule of Revenue by Geographic Areas Geography information on total income and long-lived assets are presented as follows (dollars in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Total income by geography:
United States$87,355 $83,938 $256,043 $237,928 
Norway— — — 9,497 
Total(1)
$87,355 $83,938 $256,043 $247,425 
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(1)Includes interest income and property and other income.