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v3.25.4

Investment Securities (Tables) | 12 Months Ended
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Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Schedule of Investment Securities | Investment securities were comprised of the following as of December 31, 2025 and 2024 (amounts in thousands):
| Carrying Value as of
| December 31, 2025 |  | December 31, 2024
RMBS, available-for-sale | $ | 88,283 |  |  | $ | 93,806 |
RMBS, fair value option (1) | 404,688 |  |  | 421,122 |
CMBS, fair value option (1), (2) | 1,284,863 |  |  | 1,225,024 |
HTM debt securities, amortized cost net of credit loss allowance of $37,369 and $24,463 | 179,567 |  |  | 406,961 |
Equity security, fair value | 628 |  |  | 5,146 |
Subtotal—Investment securities | 1,958,029 |  |  | 2,152,059 |
VIE eliminations (1) | (1,657,029) |  |  | (1,618,801) |
Total investment securities | $ | 301,000 |  |  | $ | 533,258 |
______________________________________________________________________________________________________________________ (1)Certain fair value option CMBS and RMBS are eliminated in consolidation against VIE liabilities pursuant to ASC 810. (2)Includes $146.5 million and $148.6 million of non-controlling interests in the consolidated entities which hold certain of these CMBS as of December 31, 2025 and 2024, respectively.
Schedule of Purchases, Sales and Principal Collections for all Investment Securities | Purchases, sales and redemptions, and principal collections for all investment securities were as follows (amounts in thousands):
| RMBS, available-for-sale |  | RMBS, fair value option |  | CMBS, fair value option |  | HTM Securities |  | Equity Security |  | Securitization VIEs (1) |  | Total
Year Ended December 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases/fundings | $ | — |  |  | $ | — |  |  | $ | 172,906 |  | (2) | $ | 73,308 |  |  | $ | — |  |  | $ | (164,593) |  |  | $ | 81,621 |
Sales and redemptions | — |  |  | — |  |  | 4,193 |  |  | — |  |  | 5,063 |  |  | — |  |  | 9,256 |
Principal collections | 8,071 |  |  | 39,372 |  |  | 92,071 |  |  | 295,408 |  |  | — |  |  | (130,571) |  |  | 304,351 |
Year Ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases/fundings | $ | — |  |  | $ | — |  |  | $ | 187,531 |  |  | $ | 80,798 |  |  | $ | — |  |  | $ | (179,623) |  |  | $ | 88,706 |
Sales and redemptions | — |  |  | — |  |  | 12,923 |  |  | — |  |  | 3,690 |  |  | (12,923) |  |  | 3,690 |
Principal collections | 11,253 |  |  | 45,182 |  |  | 13,386 |  |  | 262,722 |  |  | — |  |  | (58,383) |  |  | 274,160 |
Year Ended December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases/fundings | $ | — |  |  | $ | — |  |  | $ | 48,011 |  |  | $ | 11,578 |  |  | $ | — |  |  | $ | (48,011) |  |  | $ | 11,578 |
Sales and redemptions | 549 |  |  | — |  |  | — |  |  | — |  |  | 2,493 |  |  | — |  |  | 3,042 |
Principal collections | 9,475 |  |  | 53,332 |  |  | 117,100 |  |  | 80,083 |  |  | — |  |  | (169,642) |  |  | 90,348 |
______________________________________________________________________________________________________________________ (1)Represents RMBS and CMBS, fair value option amounts eliminated due to our consolidation of securitization VIEs. These amounts are reflected as issuance or repayment of debt of, or distributions from, consolidated VIEs in our consolidated statements of cash flows. (2)There was an additional $3.4 million of CMBS purchased from a consolidated partnership that is eliminated in consolidation.
Schedule of Investments in Available-for-Sale RMBS | The tables below summarize various attributes of our investments in available-for-sale RMBS as of December 31, 2025 and 2024 (amounts in thousands):
|  |  |  |  |  |  | Unrealized Gains or (Losses) Recognized in AOCI |  |
| Amortized Cost |  | Credit Loss Allowance |  | Net Basis |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Net Fair Value Adjustment |  | Fair Value
December 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |
RMBS | $ | 76,723 |  |  | $ | — |  |  | $ | 76,723 |  |  | $ | 13,340 |  |  | $ | (1,780) |  |  | $ | 11,560 |  |  | $ | 88,283 |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
RMBS | $ | 80,212 |  |  | $ | — |  |  | $ | 80,212 |  |  | $ | 15,163 |  |  | $ | (1,569) |  |  | $ | 13,594 |  |  | $ | 93,806 |
| Weighted Average Coupon (1) |  | WAL (Years) (2)
December 31, 2025 |  |  |
RMBS | 4.5 | % |  | 7.5
______________________________________________________________________________________________________________________ (1)Calculated using the December 31, 2025 SOFR rate of 3.688% for floating rate securities. (2)Represents the remaining WAL of each respective group of securities as of the balance sheet date. The WAL of each individual security is calculated using projected amounts and projected timing of future principal payments.
Schedule of Gross Unrealized Losses and Estimated Fair Value of Securities With No Recorded Allowance for Credit Loss | The following table presents the gross unrealized losses and estimated fair value of any available-for-sale securities that were in an unrealized loss position as of December 31, 2025 and 2024, and for which an allowance for credit losses has not been recorded (amounts in thousands):
| Estimated Fair Value |  | Unrealized Losses
| Securities with a loss less than 12 months |  | Securities with a loss greater than 12 months |  | Securities with a loss less than 12 months |  | Securities with a loss greater than 12 months
As of December 31, 2025 |  |  |  |  |  |  |
RMBS | $ | 480 |  |  | $ | 10,943 |  |  | $ | — |  |  | $ | (1,780) |
As of December 31, 2024 |  |  |  |  |  |  |
RMBS | $ | 2,076 |  |  | $ | 9,742 |  |  | $ | (178) |  |  | $ | (1,391) |
Schedule of Investments in HTM Securities | The table below summarizes our investments in HTM debt securities as of December 31, 2025 and 2024 (amounts in thousands):
| Amortized Cost Basis |  | Credit Loss Allowance |  | Net Carrying Amount |  | Gross Unrealized Holding Gains |  | Gross Unrealized Holding Losses |  | Fair Value
December 31, 2025 |  |  |  |  |  |  |  |  |  |  |
CMBS | $ | 92,629 |  |  | $ | (13) |  |  | $ | 92,616 |  |  | $ | 603 |  |  | $ | (11,436) |  |  | $ | 81,783 |
Preferred interests | 82,844 |  |  | (27,166) |  |  | 55,678 |  |  | — |  |  | (22,942) |  |  | 32,736 |
Infrastructure bonds | 41,463 |  |  | (10,190) |  |  | 31,273 |  |  | 650 |  |  | — |  |  | 31,923 |
Total | $ | 216,936 |  |  | $ | (37,369) |  |  | $ | 179,567 |  |  | $ | 1,253 |  |  | $ | (34,378) |  |  | $ | 146,442 |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |
CMBS | $ | 357,012 |  |  | $ | (85) |  |  | $ | 356,927 |  |  | $ | 315 |  |  | $ | (21,326) |  |  | $ | 335,916 |
Preferred interests | 47,069 |  |  | (14,308) |  |  | 32,761 |  |  | — |  |  | (3,568) |  |  | 29,193 |
Infrastructure bonds | 27,343 |  |  | (10,070) |  |  | 17,273 |  |  | 21 |  |  | (9) |  |  | 17,285 |
Total | $ | 431,424 |  |  | $ | (24,463) |  |  | $ | 406,961 |  |  | $ | 336 |  |  | $ | (24,903) |  |  | $ | 382,394 |
Schedule of Activity in Credit Loss Allowance for HTM Debt Securities | The following table presents the activity in our credit loss allowance for HTM debt securities (amounts in thousands):
| CMBS |  | Preferred Interests |  | Infrastructure Bonds |  | Total HTM Credit Loss Allowance
Credit loss allowance at December 31, 2022 | $ | 172 |  |  | $ | — |  |  | $ | 3,010 |  |  | $ | 3,182 |
Credit loss (reversal) provision, net | (8) |  |  | 2,898 |  |  | 7,071 |  |  | 9,961 |
Credit loss allowance at December 31, 2023 | 164 |  |  | 2,898 |  |  | 10,081 |  |  | 13,143 |
Credit loss (reversal) provision, net | (79) |  |  | 11,410 |  |  | (11) |  |  | 11,320 |
Credit loss allowance at December 31, 2024 | 85 |  |  | 14,308 |  |  | 10,070 |  |  | 24,463 |
Credit loss (reversal) provision, net | (72) |  |  | 12,858 |  |  | 120 |  |  | 12,906 |
Credit loss allowance at December 31, 2025 | $ | 13 |  |  | $ | 27,166 |  |  | $ | 10,190 |  |  | $ | 37,369 |
Schedule of Maturities of our HTM Debt Securities | The table below summarizes the maturities of our HTM debt securities by type as of December 31, 2025 (amounts in thousands):
| CMBS |  | Preferred Interests |  | Infrastructure Bonds |  | Total
Less than one year | $ | 25,453 |  |  | $ | 23,994 |  |  | $ | — |  |  | $ | 49,447 |
One to three years | — |  |  | 15,359 |  |  | 6,437 |  |  | 21,796 |
Three to five years | 67,163 |  |  | 16,325 |  |  | 4,938 |  |  | 88,426 |
Thereafter | — |  |  | — |  |  | 19,898 |  |  | 19,898 |
Total | $ | 92,616 |  |  | $ | 55,678 |  |  | $ | 31,273 |  |  | $ | 179,567 |

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