v3.25.4

Fair Value (Tables) | 12 Months Ended
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Dec. 31, 2025
Fair Value Disclosures [Abstract] |
Schedule of Recurring Financial Assets and Liabilities | The following tables present financial assets and liabilities recorded at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2025 and 2024:
($ in thousands) |  |  | Level 1 |  | Level 2 |  | Level 3
December 31, 2025 | Carrying value |  | Quoted prices in active markets |  | Observable inputs other than Level 1 prices |  | Unobservable inputs
Assets: |  |  |  |  |  |  |
CMBS, at fair value | $ | 273,783 |  |  | $ | — |  |  | $ | 273,783 |  |  | $ | — |
RMBS available-for-sale, at fair value | 49,237 |  |  | — |  |  | 49,237 |  |  | — |
Other investments | 61,578 |  |  | — |  |  | — |  |  | 61,578 |
Other assets | 17,189 |  |  | — |  |  | — |  |  | 17,189 |
Total | $ | 401,787 |  |  | $ | — |  |  | $ | 323,020 |  |  | $ | 78,767 |
($ in thousands) |  |  | Level 1 |  | Level 2 |  | Level 3
December 31, 2024 | Carrying value |  | Quoted prices in active markets |  | Observable inputs other than Level 1 prices |  | Unobservable inputs
Assets: |  |  |  |  |  |  |
CMBS, at fair value | $ | 246,614 |  |  | $ | — |  |  | $ | 246,614 |  |  | $ | — |
RMBS available-for-sale, at fair value | 62,169 |  |  | — |  |  | 62,169 |  |  | — |
Other investments | 29,916 |  |  | — |  |  | — |  |  | 29,916 |
Total | $ | 338,699 |  |  | $ | — |  |  | $ | 308,783 |  |  | $ | 29,916 |
Schedule of Level 3 Financial Assets | The following tables summarize the changes in the Company’s Level 3 financial assets and liabilities measured at fair value on a recurring basis, for the years ended December 31, 2025 and 2024:
($ in thousands) | December 31, 2024 |  | Transfers In / (Out) of Level 3 |  | Purchases / Issuances |  | Investment Sales / Settlements |  | Gains / (Losses) Included in Earnings |  | Gains / (Losses) Included in Other Comprehensive Income |  | December 31, 2025
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Other investments | $ | 29,916 |  |  | $ | — |  |  | $ | 50,000 |  |  | $ | (9,723) |  |  | $ | (8,615) |  |  | $ | — |  |  | $ | 61,578 |
Other assets | — |  |  | — |  |  | 17,189 |  |  | — |  |  | — |  |  | — |  |  | 17,189 |
($ in thousands) | December 31, 2023 |  | Transfers In / (Out) of Level 3 |  | Purchases / Issuances |  | Investment Sales / Settlements |  | Gains / (Losses) Included in Earnings |  | Gains / (Losses) Included in Other Comprehensive Income |  | December 31, 2024
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Other investments | $ | — |  |  | $ | 21,918 |  | (1) | $ | 7,998 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 29,916 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Warrant liability | 16,644 |  |  | (851) |  | (2) | 2,734 |  |  | (18,677) |  |  | (150) |  |  | — |  |  | — |
(1)Represents reclassification from equity method securities to other investments, at fair value. (2)Represents reclassification from warrant liability, at fair value to equity. See Note 8 for additional details.
Schedule of Level 3 Financial Liabilities | The following tables summarize the changes in the Company’s Level 3 financial assets and liabilities measured at fair value on a recurring basis, for the years ended December 31, 2025 and 2024:
($ in thousands) | December 31, 2024 |  | Transfers In / (Out) of Level 3 |  | Purchases / Issuances |  | Investment Sales / Settlements |  | Gains / (Losses) Included in Earnings |  | Gains / (Losses) Included in Other Comprehensive Income |  | December 31, 2025
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Other investments | $ | 29,916 |  |  | $ | — |  |  | $ | 50,000 |  |  | $ | (9,723) |  |  | $ | (8,615) |  |  | $ | — |  |  | $ | 61,578 |
Other assets | — |  |  | — |  |  | 17,189 |  |  | — |  |  | — |  |  | — |  |  | 17,189 |
($ in thousands) | December 31, 2023 |  | Transfers In / (Out) of Level 3 |  | Purchases / Issuances |  | Investment Sales / Settlements |  | Gains / (Losses) Included in Earnings |  | Gains / (Losses) Included in Other Comprehensive Income |  | December 31, 2024
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Other investments | $ | — |  |  | $ | 21,918 |  | (1) | $ | 7,998 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 29,916 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Warrant liability | 16,644 |  |  | (851) |  | (2) | 2,734 |  |  | (18,677) |  |  | (150) |  |  | — |  |  | — |
(1)Represents reclassification from equity method securities to other investments, at fair value. (2)Represents reclassification from warrant liability, at fair value to equity. See Note 8 for additional details.
Schedule of Assets and Liabilities at Fair Value | The following tables present financial assets and liabilities not carried at fair value, by level within the fair value hierarchy as of December 31, 2025 and 2024:
($ in thousands) |  |  | Level 1 |  | Level 2 |  | Level 3
December 31, 2025 | Carrying value |  | Quoted prices in active markets |  | Observable inputs other than Level 1 prices |  | Unobservable inputs
Assets: |  |  |  |  |  |  |
Residential mortgage loans held-for-investment, net | $ | 362,829 |  |  | $ | — |  |  | $ | — |  |  | $ | 325,220 |
Residential mortgage loans held-for-sale, net | 29,419 |  |  | — |  |  | — |  |  | 29,419 |
Investment in debt securities held-to-maturity | 41,528 |  |  | — |  |  | 40,318 |  |  | — |
Investment in beneficial interests | 99,179 |  |  | — |  |  | — |  |  | 66,249 |
Liabilities: |  |  |  |  |  |  |
Secured bonds payable, net | $ | 226,243 |  |  | $ | — |  |  | $ | 212,811 |  |  | $ | — |
Repurchase financing agreements | 407,072 |  |  | — |  |  | 407,072 |  |  | — |
Unsecured notes, net | 108,507 |  |  | — |  |  | 107,668 |  |  | — |
($ in thousands) |  |  | Level 1 |  | Level 2 |  | Level 3
December 31, 2024 | Carrying value |  | Quoted prices in active markets |  | Observable inputs other than Level 1 prices |  | Unobservable inputs
Assets: |  |  |  |  |  |  |
Residential mortgage loans held-for-investment, net | $ | 396,052 |  |  | $ | — |  |  | $ | — |  |  | $ | 357,119 |
Residential mortgage loans held-for-sale, net | 27,788 |  |  | — |  |  | — |  |  | 27,788 |
Investment in debt securities held-to-maturity | 46,043 |  |  | — |  |  | 43,947 |  |  | — |
Investment in beneficial interests | 89,704 |  |  | — |  |  | — |  |  | 67,044 |
Liabilities: |  |  |  |  |  |  |
Secured bonds payable, net | $ | 258,353 |  |  | $ | — |  |  | $ | 234,181 |  |  | $ | — |
Repurchase financing agreements | 356,565 |  |  | — |  |  | 356,565 |  |  | — |
Unsecured notes, net | 107,647 |  |  | — |  |  | 104,574 |  |  | — |
Schedule of Ranges and Weighted Averages of Inputs | The following table summarizes certain information regarding the ranges and weighted averages of inputs used in valuing the Company’s investment in the Aggregators:
|  | Discount Rate |  | Capitalization Rate
December 31, 2025 |  | 8.3% – 13.4% (10.1%) |  | 5.5% – 7.3% (6.2%)

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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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