v3.26.3
Segment Reporting - Summary of Distributable Loss (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Segment Reporting Information [Line Items]        
Interest and related income $ 41,536 $ 88,904 $ 146,786 $ 315,080
Interest and related expense (40,291) (71,839) (137,788) (243,061)
Revenue from real estate owned 31,394 29,009 82,873 69,062
Amortization of above and below market leases, net (38) 258 477 946
Management fees - affiliate (6,822) (7,733) (21,246) (24,327)
General and administrative expenses (3,582) (4,812) (11,516) (14,118)
Real estate owned:        
Operating expenses (22,216) (18,489) (60,820) (47,100)
Interest expense [1] (8,688) (9,416) (26,811) (24,134)
Loss from equity method investment (35) (32) (116) (93)
Amortization of discount on secured term loan 843   2,255  
Loss on extinguishment of debt 0 0 (5,898) (547)
Principal charge-offs (4,884) (42,325) (110,728) (209,795)
Valuation adjustment for real estate owned held-for-sale (4) 12,980 (29,627) 12,618
Gain on sales of real estate owned   2,006 341 366
Previously recognized depreciation and amortization on real estate owned   (58) (1,346) (2,198)
Previously recognized depreciation and amortization on real estate owned held-for-sale     (7,636)  
Recovery of principal charge-offs 733 0 2,682 0
Distributable (Loss) Earnings (12,054) (21,547) (178,118) (167,301)
Loan Portfolio        
Segment Reporting Information [Line Items]        
Interest and related income 41,536 88,904 146,786 315,080
Interest and related expense (40,291) (71,839) (137,788) (243,061)
Management fees - affiliate (6,822) (7,733) (21,246) (24,327)
General and administrative expenses (3,582) (4,812) (11,516) (14,118)
Real estate owned:        
Loss from equity method investment (35) (32) (116) (93)
Amortization of discount on secured term loan 843   2,255  
Loss on extinguishment of debt     (5,898) (547)
Principal charge-offs (4,884) (42,325) (110,728) (209,795)
Recovery of principal charge-offs 733   2,682  
Distributable (Loss) Earnings (12,502) (37,837) (135,569) (176,861)
REO Portfolio        
Segment Reporting Information [Line Items]        
Revenue from real estate owned 31,394 29,009 82,873 69,062
Amortization of above and below market leases, net (38) 258 477 946
Real estate owned:        
Operating expenses (22,216) (18,489) (60,820) (47,100)
Interest expense (8,688) (9,416) (26,811) (24,134)
Valuation adjustment for real estate owned held-for-sale (4) 12,980 (29,627) 12,618
Gain on sales of real estate owned   2,006 341 366
Previously recognized depreciation and amortization on real estate owned   (58) (1,346) (2,198)
Previously recognized depreciation and amortization on real estate owned held-for-sale     (7,636)  
Distributable (Loss) Earnings $ 448 $ 16,290 $ (42,549) $ 9,560
[1] During the three and nine months ended September 30, 2026 and 2025, our mixed-use and land real estate owned assets were unlevered.