v3.25.4

Fair Value (Tables)

12 Months Ended

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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