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Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following tables present financial information by reportable segment for the three and nine months ended September 30, 2025, respectively, which in total reconciles to the same data for the Company on a consolidated basis (dollar amounts in thousands):

			For the Three Months Ended September 30, 2025
			Investment Portfolio						Constructive						Corporate/Other						Total
NET INTEREST INCOME:
Interest income			$	158,421					$	2,192					$	20					$	160,633
Interest expense			113,398						2,068						8,581						124,047
Total net interest income (loss)			45,023						124						(8,561)						36,586
NET LOSS FROM REAL ESTATE:
Rental income			16,600						—						—						16,600
Other real estate income			2,504						—						—						2,504
Total income from real estate			19,104						—						—						19,104
Interest expense, mortgages payable on real estate			5,409						—						—						5,409
Depreciation and amortization			5,936						—						—						5,936
Other real estate expenses			11,637						—						—						11,637
Total expenses related to real estate			22,982						—						—						22,982
Total net loss from real estate			(3,878)						—						—						(3,878)
OTHER INCOME (LOSS):
Realized losses, net			(5,610)						—						—						(5,610)
Unrealized gains (losses), net			60,024						—						(5,172)						54,852
Loss on derivative instruments, net			(10,912)						(1,941)						(153)						(13,006)
Mortgage banking activities, net			—						14,103						—						14,103
(Loss) income from equity investments			(1,642)						—						47						(1,595)
Impairment of real estate			(1,619)						—						—						(1,619)
Other income (loss)			1,479						—						—						1,479
Total other income (loss)			41,720						12,162						(5,278)						48,604
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:
General and administrative expenses			463						12,274						10,612						23,349
Portfolio operating expenses			6,040						—						707						6,747
Loan origination costs			—						3,788						—						3,788
Financing transaction costs			4,306						—						3,635						7,941
Total general, administrative and operating expenses			10,809						16,062						14,954						41,825
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES			72,056						(3,776)						(28,793)						39,487
Income tax expense (benefit)			12						—						(310)						(298)
NET INCOME (LOSS)			72,044						(3,776)						(28,483)						39,785
Net loss attributable to non-controlling interests			5,035						—						—						5,035
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY			77,079						(3,776)						(28,483)						44,820
Preferred stock dividends			—						—						(12,118)						(12,118)
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS			$	77,079					$	(3,776)					$	(40,601)					$	32,702

			For the Nine Months Ended September 30, 2025
			Investment Portfolio						Constructive						Corporate/Other						Total
NET INTEREST INCOME:
Interest income			$	429,025					$	2,192					$	51					$	431,268
Interest expense			303,038						2,068						20,031						325,137
Total net interest income (loss)			125,987						124						(19,980)						106,131
NET LOSS FROM REAL ESTATE:
Rental income			51,940						—						—						51,940
Other real estate income			8,457						—						—						8,457
Total income from real estate			60,397						—						—						60,397
Interest expense, mortgages payable on real estate			17,298						—						—						17,298
Depreciation and amortization			17,759						—						—						17,759
Other real estate expenses			34,466						—						—						34,466
Total expenses related to real estate			69,523						—						—						69,523
Total net loss from real estate			(9,126)						—						—						(9,126)
OTHER INCOME:
Realized losses, net			(50,481)						—						—						(50,481)
Unrealized gains, net			197,450						—						220						197,670
(Losses) gains on derivative instruments, net			(87,995)						(1,941)						3,162						(86,774)
Mortgage banking activities, net			—						14,103						—						14,103
Income (loss) from equity investments			2,121						—						(1,554)						567
Impairment of real estate			(9,437)						—						—						(9,437)
Other income			5,644						—						—						5,644
Total other income			57,302						12,162						1,828						71,292
GENERAL, ADMINISTRATIVE AND OPERATING EXPENSES:
General and administrative expenses			1,277						12,274						33,998						47,549
Portfolio operating expenses			20,040						—						1,267						21,307
Loan origination costs			—						3,788						—						3,788
Financing transaction costs			6,589						—						7,584						14,173
Total general, administrative and operating expenses			27,906						16,062						42,849						86,817
INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES			146,257						(3,776)						(61,001)						81,480
Income tax expense			26						—						163						189
NET INCOME (LOSS)			146,231						(3,776)						(61,164)						81,291
Net loss attributable to non-controlling interests			14,231						—						—						14,231
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY			160,462						(3,776)						(61,164)						95,522
Preferred stock dividends			—						—						(36,021)						(36,021)
NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS			$	160,462					$	(3,776)					$	(97,185)					$	59,501

The following table presents the Company's assets by reportable segment as of September 30, 2025, which in total reconciles to the same data for the Company on a consolidated basis (dollar amounts in thousands):

						Investment Portfolio (1)						Constructive (2)						Corporate/Other						Total
Total Assets						$	11,983,324					$	224,261					$	194,277					$	12,401,862

(1)The Company had investments in equity method investees in the amount of approximately $28.8 million as of September 30, 2025 (see Note 6). During the nine months ended September 30, 2025, the Company's expenditures for long-lived assets totaled approximately $6.9 million.

(2)Goodwill in the amount of approximately $22.4 million was allocated to Constructive during the three months ended September 30, 2025 (see Note 24).

X

- 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

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- References

No definition available.

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