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v3.26.1

Segment Reporting (Tables) | 3 Months Ended
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Mar. 31, 2026
Segment Reporting [Abstract] |
Summary of Segment Reporting | The following tables present the relevant financial information for the reportable segments for the three months ended March 31, 2026 and 2025 (dollars in thousands):
|  | Senior and Mezzanine Loans and Preferred Equity |  | Net Leased and Other Real Estate |  | Corporate and Other |  | Total
Three Months Ended March 31, 2026 |  |  |  |  |  |  |  |
Interest income |  | $ | 49,515 |  |  | $ | — |  |  | $ | — |  |  | $ | 49,515 |
Interest expense |  | (32,574) |  |  | (12) |  |  | (808) |  |  | (33,394) |
Property and other income |  | 60 |  |  | 32,692 |  |  | 2,873 |  |  | 35,625 |
Property operating expense |  | — |  |  | (20,078) |  |  | — |  |  | (20,078) |
Transaction, investment and servicing expense |  | (657) |  |  | (30) |  |  | (145) |  |  | (832) |
Interest expense on real estate |  | — |  |  | (5,091) |  |  | — |  |  | (5,091) |
Depreciation and amortization |  | — |  |  | (8,594) |  |  | (33) |  |  | (8,627) |
Increase of current expected credit loss reserve |  | (1,746) |  |  | — |  |  | — |  |  | (1,746) |
Compensation and benefits |  | — |  |  | — |  |  | (9,056) |  |  | (9,056) |
Operating expense |  | 11 |  |  | (1) |  |  | (3,105) |  |  | (3,095) |
Other loss, net |  | — |  |  | (4) |  |  | — |  |  | (4) |
Income (loss) before income taxes |  | 14,609 |  |  | (1,118) |  |  | (10,274) |  |  | 3,217 |
Income tax expense |  | (1) |  |  | — |  |  | (93) |  |  | (94) |
Net income (loss) |  | $ | 14,608 |  |  | $ | (1,118) |  |  | $ | (10,367) |  |  | $ | 3,123 |
|  | Senior and Mezzanine Loans and Preferred Equity |  | Net Leased and Other Real Estate |  | Corporate and Other |  | Total
Three Months Ended March 31, 2025 |  |  |  |  |  |  |  |
Interest income |  | $ | 47,991 |  |  | $ | 28 |  |  | $ | 67 |  |  | $ | 48,086 |
Interest expense |  | (31,844) |  |  | (67) |  |  | (300) |  |  | (32,211) |
Property and other income |  | — |  |  | 26,920 |  |  | 2,556 |  |  | 29,476 |
Property operating expense |  | — |  |  | (9,966) |  |  | — |  |  | (9,966) |
Transaction, investment and servicing expense |  | (508) |  |  | (36) |  |  | (85) |  |  | (629) |
Interest expense on real estate |  | — |  |  | (6,565) |  |  | — |  |  | (6,565) |
Depreciation and amortization |  | — |  |  | (10,520) |  |  | (32) |  |  | (10,552) |
Decrease of current expected credit loss reserve |  | 235 |  |  | — |  |  | — |  |  | 235 |
Compensation and benefits |  | — |  |  | — |  |  | (10,429) |  |  | (10,429) |
Operating expense |  | — |  |  | — |  |  | (3,214) |  |  | (3,214) |
Other loss, net |  | — |  |  | (241) |  |  | — |  |  | (241) |
Income (loss) before income taxes |  | 15,874 |  |  | (447) |  |  | (11,437) |  |  | 3,990 |
Income tax expense |  | (28) |  |  | (254) |  |  | — |  |  | (282) |
Net income (loss) |  | $ | 15,846 |  |  | $ | (701) |  |  | $ | (11,437) |  |  | $ | 3,708 |
Summary of Total Assets by Segment | The following table presents total assets by segment as of March 31, 2026 and December 31, 2025 (dollars in thousands):
Total Assets |  | Senior and Mezzanine Loans and Preferred Equity |  |  |  | Net Leased and Other Real Estate |  | Corporate and Other(1) |  | Total
March 31, 2026 |  | $ | 2,729,151 |  |  |  |  | $ | 816,159 |  |  | $ | 102,538 |  |  | $ | 3,647,848 |
December 31, 2025 |  | 2,689,862 |  |  |  |  | 800,394 |  |  | 74,574 |  |  | 3,564,830 |
_________________________________________ (1)Includes cash, unallocated receivables and deferred costs and other assets, net.
Schedule of Revenue by Geographic Areas | Geography information on total income and long-lived assets are presented as follows (dollars in thousands):
|  | Three Months Ended March 31, |  |
|  | 2026 |  | 2025 |  |  |  |  |  |
Total income by geography: |  |  |  |  |  |  |  |  |  |
United States |  | $ | 85,140 |  |  | $ | 72,835 |  |  |  |  |  |  |
Norway |  | — |  |  | 4,727 |  |  |  |  |  |  |
Total(1) |  | $ | 85,140 |  |  | $ | 77,562 |  |  |  |  |  |  |
Schedule of Long-lived Assets by Geographic Areas |
|  | March 31, 2026 |  | December 31, 2025
Long-lived assets by geography: |  |  |  |
United States |  | $ | 719,105 |  |  | $ | 707,425 |
Total(2) |  | $ | 719,105 |  |  | $ | 707,425 |
_________________________________________ (1)Includes interest income and property and other income. (2)Long-lived assets are comprised of real estate and real estate-related intangible assets, and exclude financial instruments and assets held for sale.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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