v3.26.3
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Assets    
Cash and cash equivalents $ 133,764 $ 173,186
Restricted cash 15,558 17,599
Loans receivable held-for-investment 3,055,051 4,054,152
Less: current expected credit loss reserve (564,428) (438,751)
Loans receivable held-for-investment, net 2,490,623 3,615,401
Equity method investment 42,080 42,196
Real estate owned held-for-investment, net 646,740 730,005
Real Estate Owned Held-For-Sale 53,141  
Other assets 113,941 143,372
Total assets 3,495,847 4,721,759
Liabilities and Equity    
Repurchase agreements 1,323,921 1,857,614
Term participation facility 211,968 329,452
Notes payable, net 0 177,522
Secured term loan, net 469,947 549,447
Debt related to real estate owned hotel portfolio, net 233,114 230,992
Other liabilities 24,888 37,063
Management fee payable - affiliate 6,823 7,774
Total liabilities 2,270,661 3,189,864
Commitments and Contingencies - Note 14
Equity    
Common stock, $0.01 par value, 500,000,000 shares authorized, 141,085,961 and 140,218,764 shares issued and 141,085,961 and 140,218,764 shares outstanding at September 30, 2026 and December 31, 2025, respectively 1,411 1,402
Additional paid-in capital 2,770,148 2,752,884
Accumulated deficit (1,546,373) (1,222,391)
Total equity 1,225,186 1,531,895
Total liabilities and equity $ 3,495,847 $ 4,721,759