\n| For the Three Months Ended | June 30, 2026 | March 31, 2026 |
\n| Interest income | 25,465 | 24,454 |
\n| Interest expense | (8,926) | (9,155) |
\n| Net interest income | 16,539 | 15,299 |
\n| Other income (loss) | 10,796 | 17,333 |
\n| Total operating expenses | (10,036) | (9,999) |
\n| Net income | 17,299 | 22,633 |
\n| Net (income) loss attributable to Series A Preferred stockholders | (874) | (874) |
\n| Net (income) loss attributable to Series B Preferred stockholders | (9,012) | (9,055) |
\n| Net (income) loss attributable to Series C Preferred stockholders | (728) | (298) |
\n| Net income attributable to redeemable noncontrolling interests | (1,252) | (2,366) |
\n| Net income attributable to common stockholders | 5,433 | 10,040 |
\n| Weighted average common shares outstanding - diluted | 53,978 | 51,456 |
\n| Earnings per share outstanding - diluted | $ 0.29 | $ 0.42 |
\n
\nBook Value\n\n | June 30,\n2026 | December\n31, 2025 |
\n| Cash and cash equivalents | $ 6,379 | $ 31,114 |
\n| Restricted cash | 131,851 | 3,240 |
\n| Net operating real estate investments | 163,807 | 113,879 |
\n| Loans, held-for-investments, net | 740,337 | 619,560 |
\n| Common stock investments, at fair value | 56,670 | 49,104 |
\n| Equity method investments | \u2014 | 1,714 |
\n| Mortgage loans, held-for-investment, net | 68,250 | 121,239 |
\n| Preferred stock investments, at fair value | 158,231 | 157,893 |
\n| Accrued interest and dividends | 56,582 | 54,009 |
\n| Mortgage loans held in variable interest entities, at fair value | 3,815,226 | 3,987,281 |
\n| CMBS structured pass-through certificates, at fair value | 36,238 | 40,427 |
\n| Stock warrant investments, at fair value | 132,540 | 141,186 |
\n| Accounts receivable and other assets | 1,505 | 551 |
\n| Total Assets | 5,367,616 | 5,321,197 |
\n| Secured financing agreements, net | 480,396 | 176,141 |
\n| Master repurchase agreements | 152,190 | 258,038 |
\n| Unsecured notes, net | 51,065 | 229,112 |
\n| Mortgages payable, net | 146,474 | 106,151 |
\n| Accounts payable and other accrued liabilities | 15,690 | 13,699 |
\n| Accrued interest payable | 13,357 | 13,795 |
\n| Bonds payable held in variable interest entities, at fair value | 3,646,077 | 3,692,390 |
\n| Total Liabilities | $ 4,505,249 | $ 4,489,326 |
\n| Redeemable Series B Preferred Stock | 361,381 | 359,783 |
\n| Redeemable Series C Preferred Stock | 39,614 | 1,868 |
\n| Redeemable NCI in the Operating Partnership | 81,667 | 82,235 |
\n| Total Stockholder' Equity | 379,706 | 387,985 |
\n| Total Liabilities and Stockholders' Equity | $ 5,367,617 | $ 5,321,197 |
\n
",
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"markdown": "\n| For the Three Months Ended | June 30, 2026 | March 31, 2026 |
\n| Interest income | 25,465 | 24,454 |
\n| Interest expense | (8,926) | (9,155) |
\n| Net interest income | 16,539 | 15,299 |
\n| Other income (loss) | 10,796 | 17,333 |
\n| Total operating expenses | (10,036) | (9,999) |
\n| Net income | 17,299 | 22,633 |
\n| Net (income) loss attributable to Series A Preferred stockholders | (874) | (874) |
\n| Net (income) loss attributable to Series B Preferred stockholders | (9,012) | (9,055) |
\n| Net (income) loss attributable to Series C Preferred stockholders | (728) | (298) |
\n| Net income attributable to redeemable noncontrolling interests | (1,252) | (2,366) |
\n| Net income attributable to common stockholders | 5,433 | 10,040 |
\n| Weighted average common shares outstanding - diluted | 53,978 | 51,456 |
\n| Earnings per share outstanding - diluted | $ 0.29 | $ 0.42 |
\n
\nBook Value\n\n | June 30,\n2026 | December\n31, 2025 |
\n| Cash and cash equivalents | $ 6,379 | $ 31,114 |
\n| Restricted cash | 131,851 | 3,240 |
\n| Net operating real estate investments | 163,807 | 113,879 |
\n| Loans, held-for-investments, net | 740,337 | 619,560 |
\n| Common stock investments, at fair value | 56,670 | 49,104 |
\n| Equity method investments | \u2014 | 1,714 |
\n| Mortgage loans, held-for-investment, net | 68,250 | 121,239 |
\n| Preferred stock investments, at fair value | 158,231 | 157,893 |
\n| Accrued interest and dividends | 56,582 | 54,009 |
\n| Mortgage loans held in variable interest entities, at fair value | 3,815,226 | 3,987,281 |
\n| CMBS structured pass-through certificates, at fair value | 36,238 | 40,427 |
\n| Stock warrant investments, at fair value | 132,540 | 141,186 |
\n| Accounts receivable and other assets | 1,505 | 551 |
\n| Total Assets | 5,367,616 | 5,321,197 |
\n| Secured financing agreements, net | 480,396 | 176,141 |
\n| Master repurchase agreements | 152,190 | 258,038 |
\n| Unsecured notes, net | 51,065 | 229,112 |
\n| Mortgages payable, net | 146,474 | 106,151 |
\n| Accounts payable and other accrued liabilities | 15,690 | 13,699 |
\n| Accrued interest payable | 13,357 | 13,795 |
\n| Bonds payable held in variable interest entities, at fair value | 3,646,077 | 3,692,390 |
\n| Total Liabilities | $ 4,505,249 | $ 4,489,326 |
\n| Redeemable Series B Preferred Stock | 361,381 | 359,783 |
\n| Redeemable Series C Preferred Stock | 39,614 | 1,868 |
\n| Redeemable NCI in the Operating Partnership | 81,667 | 82,235 |
\n| Total Stockholder' Equity | 379,706 | 387,985 |
\n| Total Liabilities and Stockholders' Equity | $ 5,367,617 | $ 5,321,197 |
\n
\n\n\n| For the Three Months Ended | June 30, 2026 | March 31, 2026 |
\n| Interest income | 25,465 | 24,454 |
\n| Interest expense | (8,926) | (9,155) |
\n| Net interest income | 16,539 | 15,299 |
\n| Other income (loss) | 10,796 | 17,333 |
\n| Total operating expenses | (10,036) | (9,999) |
\n| Net income | 17,299 | 22,633 |
\n| Net (income) loss attributable to Series A Preferred stockholders | (874) | (874) |
\n| Net (income) loss attributable to Series B Preferred stockholders | (9,012) | (9,055) |
\n| Net (income) loss attributable to Series C Preferred stockholders | (728) | (298) |
\n| Net income attributable to redeemable noncontrolling interests | (1,252) | (2,366) |
\n| Net income attributable to common stockholders | 5,433 | 10,040 |
\n| Weighted average common shares outstanding - diluted | 53,978 | 51,456 |
\n| Earnings per share outstanding - diluted | $ 0.29 | $ 0.42 |
\n
\nBook Value\n\n | June 30,\n2026 | December\n31, 2025 |
\n| Cash and cash equivalents | $ 6,379 | $ 31,114 |
\n| Restricted cash | 131,851 | 3,240 |
\n| Net operating real estate investments | 163,807 | 113,879 |
\n| Loans, held-for-investments, net | 740,337 | 619,560 |
\n| Common stock investments, at fair value | 56,670 | 49,104 |
\n| Equity method investments | \u2014 | 1,714 |
\n| Mortgage loans, held-for-investment, net | 68,250 | 121,239 |
\n| Preferred stock investments, at fair value | 158,231 | 157,893 |
\n| Accrued interest and dividends | 56,582 | 54,009 |
\n| Mortgage loans held in variable interest entities, at fair value | 3,815,226 | 3,987,281 |
\n| CMBS structured pass-through certificates, at fair value | 36,238 | 40,427 |
\n| Stock warrant investments, at fair value | 132,540 | 141,186 |
\n| Accounts receivable and other assets | 1,505 | 551 |
\n| Total Assets | 5,367,616 | 5,321,197 |
\n| Secured financing agreements, net | 480,396 | 176,141 |
\n| Master repurchase agreements | 152,190 | 258,038 |
\n| Unsecured notes, net | 51,065 | 229,112 |
\n| Mortgages payable, net | 146,474 | 106,151 |
\n| Accounts payable and other accrued liabilities | 15,690 | 13,699 |
\n| Accrued interest payable | 13,357 | 13,795 |
\n| Bonds payable held in variable interest entities, at fair value | 3,646,077 | 3,692,390 |
\n| Total Liabilities | $ 4,505,249 | $ 4,489,326 |
\n| Redeemable Series B Preferred Stock | 361,381 | 359,783 |
\n| Redeemable Series C Preferred Stock | 39,614 | 1,868 |
\n| Redeemable NCI in the Operating Partnership | 81,667 | 82,235 |
\n| Total Stockholder' Equity | 379,706 | 387,985 |
\n| Total Liabilities and Stockholders' Equity | $ 5,367,617 | $ 5,321,197 |
\n
\n\n