v3.26.3
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
ASSETS    
Cash and cash equivalents $ 100,821 $ 167,292
Restricted cash 18,787 17,889
Investment securities, held to maturity [1] 24,781 20,483
Commercial mortgage loans, held for investment, net of allowance for credit losses of $71,932 and $38,302 as of September 30, 2026 and December 31, 2025, respectively [2] 3,967,590 4,383,134
Commercial mortgage loans, held for sale, measured at fair value [3] 373,181 360,718
Real estate securities, available for sale, measured at fair value, amortized cost of $0 and $151,946 as of September 30, 2026 and December 31, 2025, respectively [4] 0 151,662
Mortgage servicing rights, net 201,178 212,216
Accrued interest receivable 29,907 41,468
Receivable for loan repayment [5] 12,070 50,619
Prepaid expenses and other assets 45,264 45,112
Real estate owned, net of depreciation 259,713 99,265
Real estate owned, held for sale 160,047 198,883
Equity method investments 88,656 71,682
Intangible assets, net of amortization 112,134 115,553
Goodwill 92,048 92,048
Derivative instruments, measured at fair value 17,702 11,315
Loans eligible for repurchase 0 17,911
Variable interest entity (“VIE”) assets, measured at fair value 521,259 0
Total assets 6,025,138 6,057,250
LIABILITIES AND STOCKHOLDERS' EQUITY    
Collateralized loan obligations 2,856,873 2,735,582
Unsecured debt 161,392 185,466
Mortgage note payable 24,186 23,998
Allowance for loss sharing 24,602 19,484
Accrued compensation 42,006 43,662
Liability for loans eligible for repurchase 0 17,911
Interest payable 14,837 16,110
Distributions payable 21,431 38,935
Accounts payable and accrued expenses 20,398 18,892
Due to affiliates 12,561 12,054
Derivative instruments, measured at fair value 16 6,951
Other liabilities 21,053 29,657
VIE liabilities, measured at fair value 493,393 0
Total liabilities 4,583,003 4,436,025
Commitments and Contingencies
Redeemable convertible preferred stock:    
Total redeemable convertible preferred stock 89,748 89,748
Equity:    
Common stock, $0.01 par value, 900,000,000 shares authorized, 75,881,209 and 81,553,982 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively 755 808
Additional paid-in capital 1,561,187 1,593,365
Accumulated other comprehensive income/(loss) 0 (284)
Accumulated deficit (474,452) (411,101)
Total stockholders' equity 1,346,232 1,441,530
Non-controlling interest 6,155 89,947
Total equity 1,352,387 1,531,477
Total liabilities, redeemable convertible preferred stock and equity 6,025,138 6,057,250
Repurchase agreements - commercial mortgage loans    
LIABILITIES AND STOCKHOLDERS' EQUITY    
Repurchase agreements 837,901 1,087,087
Other financings 12,865 12,865
Repurchase agreements - real estate securities    
LIABILITIES AND STOCKHOLDERS' EQUITY    
Repurchase agreements 39,489 187,371
Series H Preferred Stock    
Redeemable convertible preferred stock:    
Total redeemable convertible preferred stock 89,748 89,748
Series E Preferred Stock    
Equity:    
Preferred stock, $0.01 par value; 100,000,000 shares authorized, 7.5% Cumulative Redeemable Preferred Stock, Series E, 10,329,039 shares issued and outstanding as of September 30, 2026 and December 31, 2025 $ 258,742 $ 258,742
[1] Includes pledged assets of $24.5 million and $20.2 million as of September 30, 2026 and December 31, 2025, respectively.
[2] Includes pledged assets of $364.1 million and $329.2 million as of September 30, 2026 and December 31, 2025, respectively.
[3] Includes pledged assets of $647.9 million and $855.2 million as of September 30, 2026 and December 31, 2025, respectively.
[4] Includes pledged assets of $0.0 million and $151.7 million as of September 30, 2026 and December 31, 2025, respectively.
[5] Includes $11.8 million and $50.5 million of cash held by servicer related to the CLOs as of September 30, 2026 and December 31, 2025, respectively.