| March 31, 2026 |
|---|
| ASSETS | |
| Cash and cash equivalents | $ 115,600 |
| Restricted cash | 20,845 |
| Investment securities, held to maturity | 21,958 |
| Commercial mortgage loans, held for investment, net of allowance for credit losses of $49,173 as of March 31, 2026 | 4,546,828 |
| Commercial mortgage loans, held for sale, measured at fair value | 423,031 |
| Real estate securities, available for sale, measured at fair value, amortized cost of $179,768 as of March 31, 2026 | 178,712 |
| Mortgage servicing rights, net | 211,854 |
| Accrued interest receivable | 38,942 |
| Receivable for loan repayment(5) | 79,248 |
| Prepaid expenses and other assets | 38,822 |
| Real estate owned, net of depreciation | 98,676 |
| Real estate owned, held for sale | 192,653 |
| Equity method investments | 98,626 |
| Intangible assets, net of amortization | 113,050 |
| Goodwill | 92,048 |
| Derivative instruments, measured at fair value | 17,195 |
| Loans eligible for repurchase | 12,913 |
| Total assets | $ 6,301,001 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | |
| Collateralized loan obligations | $ 2,637,338 |
| Repurchase agreements and revolving credit facilities - commercial mortgage loans | 1,495,300 |
| Repurchase agreements - real estate securities | 212,168 |
| Other financings | 12,865 |
| Unsecured debt | 185,693 |
| Mortgage note payable | 23,998 |
| Allowance for loss sharing | 17,349 |
| Accrued compensation | 29,381 |
| Liability for loans eligible for repurchase | 12,913 |
| Interest payable | 16,751 |
| Distributions payable | 23,304 |
| Accounts payable and accrued expenses | 20,310 |
| Due to affiliates | 11,058 |
| Derivative instruments, measured at fair value | 4,279 |
| Other liabilities | 28,500 |
| Total liabilities | $ 4,731,207 |
| Commitments and Contingencies | |
| Redeemable convertible preferred stock: | |
| Redeemable convertible preferred stock Series H, $0.01 par value, 20,000 authorized and 17,950 issued and outstanding as of March 31, 2026 | $ 89,748 |
| Total redeemable convertible preferred stock | $ 89,748 |
| 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 March 31, 2026 | $ 258,742 |
| Common stock, $0.01 par value, 900,000,000 shares authorized, 77,214,904 shares issued and outstanding as of March 31, 2026 | 755 |
| Additional paid-in capital | 1,553,770 |
| Accumulated other comprehensive income/(loss) | (1,056) |
| Accumulated deficit | (420,743) |
| Total stockholders' equity | $ 1,391,468 |
| Non-controlling interest | 88,578 |
| Total equity | $ 1,480,046 |
| Total liabilities, redeemable convertible preferred stock and equity | $ 6,301,001 |
