v3.25.4

Equity Investments | 12 Months Ended
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Dec. 31, 2025
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] |
Equity Investments | Equity Investments The Company holds a 22.2% investment in a REIT, Gaea, which is reported in other investments on the Company’s consolidated balance sheets with a carrying value of $11.6 million as of December 31, 2025 and reported in other investments with a carrying value of $21.9 million as of December 31, 2024. Effective September 30, 2024, the Company accounted for its ownership interest in Gaea at fair value. During the quarter ended June 30, 2024, Gaea ceased being an affiliate of the Company as a result of the Strategic Transaction, and the Company no longer had significant influence over Gaea. Therefore, effective September 30, 2024, the Company accounted for its ownership interest in Gaea at fair value. On December 18, 2025, two Rithm employees were elected to the board of directors of Gaea, thus increasing the Company’s influence. As a result, the Company accounted for its investment in Gaea as an equity method investment, measured at fair value under the fair value option election. During the fourth quarter of 2025, Gaea adopted the liquidation basis of accounting and, as a result, no longer presents financial information on a going concern basis, including traditional asset classifications or net income. Accordingly, Gaea is not included in the summarized financial information presented below. As of December 31, 2025 and 2024, the Company had ownership of approximately 19.8% in the Former Manager. The Company accounted for its ownership interest in the Former Manager using the equity method of accounting. The Company received its final distribution from the Former Manager in the second quarter of 2025, bringing the investment carrying value to zero. In the first quarter of 2025, the Company entered into a joint real estate venture with Rithm (the “Commercial Real Estate JV”) to fund a certain mortgage note receivable in the amount of $35.0 million with each contributing $17.5 million. The Company holds a 50% interest in the Commercial Real Estate JV presented in other investments on the Company’s consolidated balance sheets. The Company applies equity method accounting to the investment, with a carrying value of $17.6 million as of December 31, 2025. During the fourth quarter of 2025, the Company invested $50.0 million, representing approximately 3.9% limited partner interest, in Rithm PGRE Aggregator LP and Rithm PGRE Aggregator II LP (collectively, the “Aggregators”), investment vehicles formed by Rithm, which indirectly hold commercial real estate properties. The Company accounted for its investment as an equity method investment, measured at fair value under the fair value option election and presented it in other investments on the Company’s consolidated balance sheets. The table below shows the net income for the Company’s unconsolidated affiliates at 100%, and at the Company’s share ownership: Net income of unconsolidated affiliates at 100%:
($ in thousands) |  |  | Year ended December 31, |  |
Net income at 100% |  |  |  |  | 2025 |  | 2024 |  |
Thetis Asset Management LLC |  |  |  |  | $ | — |  |  | $ | 10,906 |  |  |
Commercial Real Estate JV |  |  |  |  | 4,084 |  |  | — |  |  |
Net income of unconsolidated affiliates at the Company’s share ownership:
($ in thousands) |  |  | Year ended December 31, |  |
Net income at the Company’s share |  |  |  |  | 2025 |  | 2024 |  |
Thetis Asset Management LLC |  |  |  |  | $ | — |  |  | $ | 2,160 |  |  |
Commercial Real Estate JV |  |  |  |  | 2,042 |  |  | — |  |  |
Other Investments The Company also holds an other investment, not accounted for under the equity method, but that is accounted for at fair value. This relates to an investment in a CRT valued at zero and $8.0 million as of December 31, 2025 and 2024, respectively.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
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