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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Assets    
Cash and cash equivalents $ 96,561 $ 66,789
Restricted cash 92,715 107,046
Loans and preferred equity held for investment 2,730,072 2,678,315
Current expected credit loss reserve (85,316) (87,401)
Loans and preferred equity held for investment, net 2,644,756 2,590,914
Real estate, net 690,961 679,779
Receivables, net 50,506 45,591
Deferred leasing costs and intangible assets, net 28,144 27,646
Other assets 44,205 47,065
Total assets 3,647,848 3,564,830
Liabilities    
Securitization bonds payable, net 1,406,860 977,082
Mortgage and other notes payable, net 412,814 414,060
Credit facilities 772,327 1,078,098
Accrued and other liabilities 60,621 64,098
Escrow deposits payable 66,878 82,511
Dividends payable 22,179 20,576
Total liabilities 2,741,679 2,636,425
Commitments and contingencies (Note 13)
Stockholders’ equity    
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 0 0
Common stock, $0.01 par value per share Class A, 950,000,000 shares authorized, 130,278,065 and 128,627,246 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 1,303 1,286
Additional paid-in capital 2,861,488 2,863,377
Accumulated deficit (1,944,873) (1,926,231)
Total stockholders’ equity 917,918 938,432
Noncontrolling interests in investment entities (11,749) (10,027)
Total equity 906,169 928,405
Total liabilities and equity 3,647,848 3,564,830
Primary beneficiary    
Assets    
Cash and cash equivalents 1,187 1,461
Restricted cash 10,845 9,149
Loans and preferred equity held for investment, net 1,612,628 1,151,496
Real estate, net 147,148 149,343
Receivables, net 18,792 16,053
Deferred leasing costs and intangible assets, net 3,432 3,544
Other assets 22,876 23,970
Total assets 1,816,908 1,355,016
Liabilities    
Securitization bonds payable, net 1,406,830 977,082
Mortgage and other notes payable, net 95,874 96,348
Credit facilities 45,145 45,145
Accrued and other liabilities 9,173 8,074
Escrow deposits payable 3,401 3,354
Total liabilities $ 1,560,423 $ 1,130,003