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Segment Reporting (Tables)

3 Months Ended

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.

X

- Definition

Tabular disclosure of long-lived assets, excluding financial instruments, long-term customer relationships of a financial institution, mortgage rights, deferred policy acquisition costs, and deferred tax assets, by geographic areas located in the entity's country of domicile and foreign countries in which the entity holds assets.

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