| Schedule of Operations by Segment |
The following table represents the Company's operations by segment for the three and nine months ended September 30, 2026 and 2025 (dollars in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, 2026 | | Total | | Real Estate Debt and Other Real Estate Investments | | Agency Business | | Conduit | | Real Estate Owned | | Interest income | | $84,218 | | $80,030 | | $2,661 | | $1,000 | | $527 | | Mortgage servicing rights | | 8,654 | | — | | 8,654 | | — | | — | | Servicing revenue | | 12,276 | | 620 | | 11,656 | | — | | — | | Revenue from real estate owned | | 7,933 | | — | | 29 | | — | | 7,904 | | Income/(loss) from VIE’s | | 1,124 | | 1,124 | | — | | — | | — | | Interest expense | | (59,845) | | (56,631) | | (2,114) | | (731) | | (369) | | Compensation and benefits | | (27,532) | | — | | (27,532) | | — | | — | | Administrative services expenses | | (2,912) | | (2,253) | | 178 | | (837) | | — | | Depreciation and amortization | | (2,238) | | — | | (448) | | — | | (1,790) | | Operating expenses | | (22,158) | | (8,254) | | (5,175) | | (1,796) | | (6,933) | Other segment items(1)(2) | | (26,562) | | (13,059) | | 12,337 | | (16,419) | | (9,421) | | Net income/(loss) | | (27,042) | | 1,577 | | 246 | | (18,783) | | (10,082) | | Total assets as of September 30, 2026 | | 6,025,138 | | 4,507,663 | | 875,746 | | 127,182 | | 514,547 | | Three Months Ended September 30, 2025 | | | | | | | | | | | | Interest income | | $106,167 | | $97,546 | | $6,286 | | $1,450 | | $885 | | Mortgage servicing rights | | 19,745 | | — | | 19,745 | | — | | — | | Servicing revenue | | 3,606 | | — | | 3,606 | | — | | — | | Revenue from real estate owned | | 7,222 | | — | | — | | — | | 7,222 | | Interest expense | | (76,492) | | (69,186) | | (6,712) | | (140) | | (454) | | Compensation and benefits | | (34,434) | | — | | (34,434) | | — | | — | | Administrative services expenses | | (3,455) | | (2,330) | | (247) | | (878) | | — | | Depreciation and amortization | | (3,432) | | — | | (2,076) | | — | | (1,356) | | Operating expenses | | (29,733) | | (14,898) | | (6,899) | | (1,016) | | (6,920) | Other segment items(1)(2) | | 28,422 | | (1,972) | | 29,907 | | 2,890 | | (2,403) | | Net income/(loss) | | 17,616 | | 9,160 | | 9,176 | | 2,306 | | (3,026) | | Total assets as of December 31, 2025 | | 6,057,250 | | 4,797,877 | | 857,562 | | 33,015 | | 368,796 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, 2026 | | Total | | Real Estate Debt and Other Real Estate Investments | | Agency Business | | Conduit | | Real Estate Owned | | Interest income | | $273,654 | | $255,875 | | $7,501 | | $7,945 | | $2,333 | | Mortgage servicing rights | | 19,313 | | — | | 19,313 | | — | | — | | Servicing revenue | | 32,484 | | 1,496 | | 30,988 | | — | | — | | Revenue from real estate owned | | 20,353 | | — | | 89 | | — | | 20,264 | | Income/(loss) from VIE’s | | 1,420 | | 1,420 | | — | | — | | — | | Interest expense | | (192,336) | | (178,345) | | (6,985) | | (5,870) | | (1,136) | | Compensation and benefits | | (71,325) | | — | | (71,325) | | — | | — | | Administrative services expenses | | (7,274) | | (5,180) | | 339 | | (2,433) | | — | | Depreciation and amortization | | (7,641) | | — | | (3,234) | | — | | (4,407) | | Operating expenses | | (74,528) | | (27,704) | | (21,891) | | (6,316) | | (18,617) | Other segment items(1)(2) | | 7,405 | | (35,740) | | 45,111 | | (5,553) | | 3,587 | | Net income/(loss) | | 1,525 | | 11,822 | | (94) | | (12,227) | | 2,024 | | Total assets as of September 30, 2026 | | 6,025,138 | | 4,507,663 | | 875,746 | | 127,182 | | 514,547 | | Nine Months Ended September 30, 2025 | | | | | | | | | | | | Interest income | | $331,246 | | $318,120 | | $6,286 | | $3,901 | | $2,939 | | Mortgage servicing rights | | 19,745 | | — | | 19,745 | | — | | — | | Servicing revenue | | 3,606 | | — | | 3,606 | | — | | — | | Revenue from real estate owned | | 22,355 | | — | | — | | — | | 22,355 | | Interest expense | | (217,298) | | (208,753) | | (6,712) | | (482) | | (1,351) | | Compensation and benefits | | (34,434) | | — | | (34,434) | | — | | — | | Administrative services expenses | | (10,687) | | (7,384) | | (247) | | (3,056) | | — | | Depreciation and amortization | | (6,193) | | — | | (2,076) | | — | | (4,117) | | Operating expenses | | (75,078) | | (39,141) | | (6,899) | | (3,217) | | (25,821) | Other segment items(1)(2) | | 32,443 | | (2,211) | | 29,907 | | 7,265 | | (2,518) | | Net income/(loss) | | 65,705 | | 60,631 | | 9,176 | | 4,411 | | (8,513) | | Total assets as of December 31, 2025 | | 6,057,250 | | 4,797,877 | | 857,562 | | 33,015 | | 368,796 |
_____________(1) For each reportable segment, the other segment items category includes: •Real Estate Debt - specific and general allowance for credit losses, gains/(losses) associated with debt extinguishment, and gains/(losses) associated with sales of CMBS bonds and divestment of trading securities •Agency Business - allowance for loss sharing provision, gains/(losses) associated with the origination and sales of agency loans, gains/(losses) related to movements in the fair value of forward sale commitments, and (provisions)/benefits on taxable income. •Conduit - gains/(losses) associated with fair value measurements and securitizations or sales of held for sale loans, fair value measurements and terminations of derivative instruments, and (provisions)/benefits on taxable income. •Real Estate Owned - gains/(losses) associated with other real estate investments resulting from foreclosure or sale. (2) Stock compensation expense is allocated to each segment based on total income per segment and included within other segment items.
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