v3.26.3
Real Estate Owned - Schedule of Assets and Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Sep. 30, 2025
Assets      
Cash $ 165,883 $ 84,617 $ 204,094
Other assets [1] 99,042 112,849  
Total Assets 5,190,604 6,464,643  
Liabilities      
Total Liabilities 4,218,703 5,239,439  
Real estate owned, held-for-investment      
Assets      
Real estate owned - land 207,191 207,191  
Real estate owned - land improvements 11,501 10,932  
Real estate owned - buildings 117,317 117,317  
Real estate owned - building improvements 36,911 5,280  
Real estate owned - furniture and fixtures 1,776 1,462  
Real estate owned 374,696 342,182  
Less: Accumulated depreciation (6,563) (3,587)  
Real estate owned, net 368,133 338,595  
Cash 4,070 2,546  
In-place lease intangibles 17 67  
Tenant receivables 224 152  
Other assets 8,351 2,501  
Total Assets 380,795 343,861  
Liabilities      
Unfavorable lease intangibles 91 365  
Other liabilities 9,520 4,977  
Total Liabilities 9,611 5,342  
Real estate owned, held-for-sale      
Assets      
Real estate owned, net 117,940 118,220  
In-place lease intangibles 7,678 7,678  
Favorable lease intangibles 2,663 2,663  
Tenant receivables 227 543  
Other assets 2,381 1,084  
Total Assets 130,889 130,188  
Liabilities      
Unfavorable lease intangibles 167 167  
Other liabilities 3,099 3,700  
Total Liabilities $ 3,266 $ 3,867  
[1] Includes $53.4 million of loan principal repayments held by a servicer as of September 30, 2026.