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Loans and Investments (Tables)
 3 Months Ended
Mar. 31, 2026
Loans and Investments [Abstract]  
Schedule of Structured Business Loan and Investment Portfolio
Our Structured Business loan and investment portfolio consists of ($ in thousands):
March 31, 2026Percent of
Total		Loan
Count		Wtd. Avg.
Pay Rate (1)		Wtd. Avg.
Remaining
Months to
Maturity (2)		Wtd. Avg.
First Dollar
LTV Ratio (3)		Wtd. Avg.
Last Dollar
LTV Ratio (4)
Bridge loans (5)$11,209,443 93 %4396.37 %14.10 %77 %
Mezzanine loans295,843 3 %628.04 %48.658 %79 %
Construction - multifamily289,889 2 %109.12 %22.60 %62 %
Preferred equity investments202,118 2 %346.87 %43.062 %81 %
Total UPB11,997,293 100 %5456.49 %15.72 %77 %
Allowance for credit losses(131,223)
Unearned revenue(30,689)
Loans and investments, net (6)$11,835,381 
December 31, 2025
Bridge loans (5)$11,371,758 94 %5246.39 %12.90 %77 %
Mezzanine loans290,212 2 %657.84 %52.359 %78 %
Construction - multifamily249,019 2 %99.13 %24.60 %60 %
Preferred equity investments202,118 2 %346.87 %46.062 %80 %
Total UPB12,113,107 100 %6326.49 %14.72 %77 %
Allowance for credit losses(145,971)
Unearned revenue(32,888)
Loans and investments, net (6)$11,934,248 
________________________
(1)“Weighted Average Pay Rate” is a weighted average, based on the unpaid principal balance (“UPB”) of each loan in our portfolio, of the interest rate required to be paid as stated in the individual loan agreements. Certain loans and investments that require an accrual rate to be paid at maturity are not included in the weighted average pay rate as shown in the table.
(2)Including extension options, the weighted average remaining months to maturity at March 31, 2026 and December 31, 2025 was 20.8 and 19.9, respectively.
(3)The “First Dollar Loan-to-Value (“LTV”) Ratio” is calculated by comparing the total of our senior most dollar and all senior lien positions within the capital stack to the fair value of the underlying collateral to determine the point at which we will absorb a total loss of our position.
(4)The “Last Dollar LTV Ratio” is calculated by comparing the total of the carrying value of our loan and all senior lien positions within the capital stack to the fair value of the underlying collateral to determine the point at which we will initially absorb a loss.
(5)At March 31, 2026 and December 31, 2025, bridge loans included 224 and 298, respectively, of SFR loans with a total gross loan commitment of $4.62 billion and $4.73 billion, respectively, of which $3.27 billion and $3.18 billion, respectively, was funded.
(6)Excludes exit fee receivables of $40.6 million and $43.0 million at March 31, 2026 and December 31, 2025, respectively, which is included in other assets on the consolidated balance sheets.
Schedule of the Loan Portfolio's Internal Risk Ratings and LTV Ratios by Asset Class
A summary of the loan portfolio’s internal risk ratings and LTV ratios by asset class at March 31, 2026, and charge-offs recorded for the three months ended March 31, 2026 is as follows ($ in thousands):
UPB by Origination YearTotalWtd. Avg.
First Dollar
LTV Ratio 		Wtd. Avg.
Last Dollar
LTV Ratio
Asset Class / Risk Rating20262025202420232022Prior
Multifamily:
Pass$430,100 $600,924 $47,468 $38,673 $79,883 $174,014 $1,371,062 
Pass/Watch46,000 999,872 273,570 86,290 344,490 736,622 2,486,844 
Special Mention— 408,273 206,869 25,654 1,547,788 1,755,859 3,944,443 
Substandard— 4,980 22,758 — 282,250 168,820 478,808 
Doubtful— — 9,460 21,100 205,533 157,101 393,194 
Total Multifamily$476,100 $2,014,049 $560,125 $171,717 $2,459,944 $2,992,416 $8,674,351 3 %82 %
Single-Family Rental:Percentage of portfolio72 %
Pass$— $27,000 $— $— $— $— $27,000 
Pass/Watch36,400 878,166 934,628 550,457 486,043 106,080 2,991,774 
Special Mention39,510 113,755 17,079 46,183 25,900 6,891 249,318 
Total Single-Family Rental$75,910 $1,018,921 $951,707 $596,640 $511,943 $112,971 $3,268,092 0 %64 %
Office:Percentage of portfolio27 %
Pass/Watch$— $— $— $— $— $33,410 $33,410 
Total Office$— $— $— $— $— $33,410 $33,410 0 %88 %
Retail:Percentage of portfolio< 1%
Substandard$— $— $— $— $— $16,424 $16,424 
Doubtful— — — — — 531 531 
Total Retail$— $— $— $— $— $16,955 $16,955 0 %100 %
Land:Percentage of portfolio< 1%
Pass/Watch$— $— $— $— $— $2,785 $2,785 
Total Land$— $— $— $— $— $2,785 $2,785 0 %14 %
Commercial:Percentage of portfolio< 1%
Doubtful$— $— $— $— $— $1,700 $1,700 
Total Commercial$— $— $— $— $— $1,700 $1,700 0 %100 %
Percentage of portfolio < 1%
Grand Total$552,010 $3,032,970 $1,511,832 $768,357 $2,971,887 $3,160,237 $11,997,293 2 %77 %
Charge-offs$— $— $3,829 $— $11,322 $3,057 $18,208 
A summary of the loan portfolio’s internal risk ratings and LTV ratios by asset class at December 31, 2025, and charge-offs recorded during 2025 is as follows ($ in thousands):
UPB by Origination YearTotalWtd. Avg.
First Dollar
LTV Ratio 		Wtd. Avg.
Last Dollar
LTV Ratio
Asset Class / Risk Rating20252024202320222021Prior
Multifamily:
Pass$556,801 $87,533 $22,253 $9,832 $34,843 $26,758 $738,020 
Pass/Watch1,195,412 429,300 108,276 376,064 526,961 159,810 2,795,823 
Special Mention211,404 186,984 185,088 1,788,580 2,028,742 44,479 4,445,277 
Substandard4,990 47,258 21,100 297,729 307,350 — 678,427 
Doubtful— 9,460 — 153,443 28,826 24,565 216,294 
Total Multifamily$1,968,607 $760,535 $336,717 $2,625,648 $2,926,722 $255,612 $8,873,841 3 %81 %
Single-Family Rental:Percentage of portfolio73 %
Pass$98,510 $— $— $— $— $— $98,510 
Pass/Watch859,819 1,006,016 571,891 448,769 71,916 34,216 2,992,627 
Special Mention36,230 — — 52,943 — 4,600 93,773 
Total Single-Family Rental$994,559 $1,006,016 $571,891 $501,712 $71,916 $38,816 $3,184,910 0 %64 %
Office:Percentage of portfolio26 %
Pass/Watch$— $— $— $— $— $33,410 $33,410 
Total Office$— $— $— $— $— $33,410 $33,410 0 %88 %
Retail:Percentage of portfolio< 1%
Substandard$— $— $— $— $— $16,424 $16,424 
Doubtful— — — — — 531 531 
Total Retail$— $— $— $— $— $16,955 $16,955 0 %97 %
Land:Percentage of portfolio< 1%
Pass/Watch$— $— $— $— $— $2,291 $2,291 
Total Land$— $— $— $— $— $2,291 $2,291 0 %77 %
Commercial:Percentage of portfolio< 1%
Doubtful$— $— $— $— $— $1,700 $1,700 
Total Commercial$— $— $— $— $— $1,700 $1,700 0 %100 %
Percentage of portfolio< 1%
Grand Total$2,963,166 $1,766,551 $908,608 $3,127,360 $2,998,638 $348,784 $12,113,107 2 %77 %
Charge-offs$— $3,000 $— $24,476 $31,968 $68,893 $128,337 
Schedule of the Changes in the Allowance for Credit Losses
A summary of the changes in the allowance for credit losses is as follows ($ in thousands):
Three Months Ended March 31, 2026
MultifamilySingle-Family RentalRetailCommercialOfficeLandTotal
Allowance for credit losses:
Beginning balance$131,924 $8,817 $2,903 $1,700 $251 $376 $145,971 
Provision for credit losses (net of reversals)4,746 (907)— — (3)(376)3,460 
Charge-offs(18,208)— — — — — (18,208)
Ending balance$118,462 $7,910 $2,903 $1,700 $248 $— $131,223 
Three Months Ended March 31, 2025
Allowance for credit losses:
Beginning balance$148,139 $7,524 $3,293 $1,700 $181 $78,130 $238,967 
Provision for credit losses (net of reversals)6,772 (1,000)— — 328 (130)5,970 
Recoveries(406)— — — — — (406)
Charge-offs, net (1)(3,594)— — — — — (3,594)
Ending balance$150,911 $6,524 $3,293 $1,700 $509 $78,000 $240,937 
________________________
(1)Represents the allowance for credit losses on a bridge loan and a mezzanine loan that were charged-off in connection with the foreclosure of the underlying collateral as REO assets at fair value.
Schedule of Specific Loans Considered Impaired by Asset Class A summary of our specific reserve loans considered impaired by asset class is as follows ($ in thousands):
March 31, 2026
Asset ClassUPB (1)Carrying
Value		Allowance for
Credit Losses		Wtd. Avg. First
Dollar LTV Ratio		Wtd. Avg. Last
Dollar LTV Ratio
Multifamily$318,709 $316,068 $26,962 0 %96 %
Retail16,955 16,911 2,903 0 %97 %
Commercial1,700 1,700 1,700 0 %100 %
Total$337,364 $334,679 $31,565 0 %96 %
December 31, 2025
Multifamily$366,275 $363,635 $38,487 0 %96 %
Retail16,955 16,855 2,903 0 %97 %
Commercial1,700 1,700 1,700 0 %100 %
Total$384,930 $382,190 $43,090 0 %96 %
________________________
(1)Represents the UPB of 17 and 20 impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class at March 31, 2026 and December 31, 2025, respectively.
Schedule of Non-Performing Loans by Asset Class
A summary of our non-performing loans by asset class is as follows ($ in thousands):
March 31, 2026December 31, 2025
UPBCarrying ValueUPBCarrying Value
Multifamily$479,219 $473,919 $566,906 $553,016 
Commercial1,700 1,700 1,700 1,700 
Retail531 531 531 531 
Total$481,450 $476,150 $569,137 $555,247 
The table below is a summary of those loans that are 60 days past due or less that we have classified as non-accrual, and changes to those loans for the periods presented ($ in thousands).
Three Months Ended March 31, 2026
Beginning balance (3 multifamily bridge loans)
$48,311 
Loans that progressed to greater than 60 days past due(1,221)
Loans modified or paid off (47,090)
Ending balance$— 
Three Months Ended March 31, 2025
Beginning balance (9 multifamily bridge loans)
$167,428 
Loans that progressed to greater than 60 days past due(82,290)
Loans modified or paid off(38,490)
Additional loans classified as non-accrual96,175 
Ending balance (5 multifamily bridge loans)
$142,823 
Schedule of Financing Receivable, Modified
The following table represents the UPB of loan modifications, as of the modification date, made to borrowers experiencing financial difficulty during the three months ended March 31, 2026 ($ in thousands):
Asset ClassPayment Deferrals With/Without Term Extensions (1)Rate Reductions With/Without Term Extensions (2)Other (3)Total (4)(5)(6)
Multifamily$166,786 $196,594 $115,420 $478,800 
________________________

(1)These loans were modified to a weighted average pay rate and deferred rate of 4.62% and 2.80%, respectively, at March 31, 2026. These loans were also modified to extend the weighted average term by 23.5 months. These modifications also include a loan with a UPB of $65.1 million in which the pay rate increases from time-to-time throughout the loan maturity.
(2)These loans were modified to reduce the interest rate to a weighted average pay rate and deferred rate of 5.26% and 1.08%, respectively, at March 31, 2026, and to extend the weighted average term by 18.7 months.
(3)These loan modifications included amending certain terms, such as reallocating and/or replenishment of reserves, providing for a temporary and conditional forbearance of foreclosure, delaying past due interest payments and replacing the existing property management company.
(4)The total UPB of these loan modifications were $479.3 million at March 31, 2026 and represented 4% of our total Structured Business loan and investment portfolio at March 31, 2026.
(5)At March 31, 2026, modified loans with a UPB of $33.0 million have specific reserves totaling $1.0 million.
(6)Includes loans with a total UPB of $308.1 million which were previously modified in prior years. Using the SOFR rate at March 31, 2026, such loans were modified from a weighted average pay rate and deferred rate of 5.32% and 2.29%, respectively, to a weighted average pay rate and deferred rate of 4.27% and 2.59%, respectively.
The following table represents the UPB of loan modifications, as of the modification date, made to borrowers experiencing financial difficulty during the three months ended March 31, 2025 ($ in thousands):
Asset ClassPayment Deferrals With/Without Term Extensions (1)Other (2)Total (3)(4)(5)
Multifamily$849,365 $83,975 $933,340 
Single-Family Rental— 16,490 16,490 
Total UPB$849,365 $100,465 $949,830 
________________________
(1)These loans were modified to a weighted average pay rate and deferred rate of 5.18% and 2.56%, respectively, at March 31, 2025. A portion of these loans (total UPB of $108.7 million) were also modified to extend the weighted average term by 19.6 months. These modifications also include loans with a total UPB of $470.3 million in which the pay rate increases from time-to-time throughout the loans maturities.
(2)These loan modifications included amending certain terms, such as reallocating and/or replenishment of reserves, providing for a temporary and conditional forbearance of foreclosure and temporarily delaying past due interest payments.
(3)The total UPB of these loan modifications were $949.8 million at March 31, 2025 and represented 8% of our total Structured Business loan and investment portfolio at March 31, 2025.
(4)At March 31, 2025, a modified loan with a UPB of $25.5 million had a specific reserve of $5.2 million.
(5)Includes loans with a total UPB of $370.9 million which were previously modified in prior years. Using the SOFR rate at March 31, 2025, such loans were modified from a weighted average pay rate and deferred rate of 6.82% and 1.09%, respectively, to a weighted average pay rate and deferred rate of 4.52% and 3.38%, respectively.