|
Q3 FY2026
As of Sep 30, 2026
|
Q2 FY2026
As of Jun 30, 2026
|
Q1 FY2026
As of Mar 31, 2026
|
Q4 FY2025
As of Dec 31, 2025
|
Q3 FY2025
As of Sep 30, 2025
|
Q2 FY2025
As of Jun 30, 2025
|
Q1 FY2025
As of Mar 31, 2025
|
Q4 FY2024
As of Dec 31, 2024
|
Q3 FY2024
As of Sep 30, 2024
|
Q2 FY2024
As of Jun 30, 2024
|
Q1 FY2024
As of Mar 31, 2024
|
Q4 FY2023
As of Dec 31, 2023
|
Q3 FY2023
As of Sep 30, 2023
|
Q2 FY2023
As of Jun 30, 2023
|
Q1 FY2023
As of Mar 31, 2023
|
Q4 FY2022
As of Dec 31, 2022
|
Q3 FY2022
As of Sep 30, 2022
|
Q2 FY2022
As of Jun 30, 2022
|
Q1 FY2022
As of Mar 31, 2022
|
Q4 FY2021
As of Dec 31, 2021
|
|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ASSETS | ||||||||||||||||||||
| Cash and cash equivalents | ||||||||||||||||||||
| Restricted cash | ||||||||||||||||||||
| Investment securities, held to maturity | ||||||||||||||||||||
| Commercial mortgage loans, held for investment, net of allowance for credit losses of $71,932 and $38,302 as of September 30, 2026 and December 31, 2025, respectively | ||||||||||||||||||||
| Commercial mortgage loans, held for sale, measured at fair value | ||||||||||||||||||||
| Real estate securities, trading, measured at fair value (includes pledged assets of $227,610 as of December 31, 2022) | ||||||||||||||||||||
| Commercial mortgage loans, held for sale | ||||||||||||||||||||
| Real estate securities, available for sale, measured at fair value, amortized cost of $0 and $151,946 as of September 30, 2026 and December 31, 2025, respectively | ||||||||||||||||||||
| Mortgage servicing rights, net | ||||||||||||||||||||
| Accrued interest receivable | ||||||||||||||||||||
| Receivable for loan repayment | ||||||||||||||||||||
| Prepaid expenses and other assets | ||||||||||||||||||||
| Real estate owned, net of depreciation | ||||||||||||||||||||
| Real estate owned, held for sale | ||||||||||||||||||||
| Equity method investments | ||||||||||||||||||||
| Intangible assets, net of amortization | ||||||||||||||||||||
| Goodwill | ||||||||||||||||||||
| Derivative instruments, measured at fair value | ||||||||||||||||||||
| Loans eligible for repurchase | ||||||||||||||||||||
| Variable interest entity (“VIE”) assets, measured at fair value | ||||||||||||||||||||
| Total assets | ||||||||||||||||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||||
| Collateralized loan obligations | ||||||||||||||||||||
| Repurchase agreements | ||||||||||||||||||||
| Repurchase agreements, commercial mortgage loans | ||||||||||||||||||||
| Repurchase agreements - real estate securities | ||||||||||||||||||||
| Other financings | ||||||||||||||||||||
| Unsecured debt | ||||||||||||||||||||
| Mortgage note payable | ||||||||||||||||||||
| Allowance for loss sharing | ||||||||||||||||||||
| Accrued compensation | ||||||||||||||||||||
| Liability for loans eligible for repurchase | ||||||||||||||||||||
| Interest payable | ||||||||||||||||||||
| Distributions payable | ||||||||||||||||||||
| Accounts payable and accrued expenses | ||||||||||||||||||||
| Intangible lease liability, held for sale | ||||||||||||||||||||
| Intangible lease liability, net of amortization | ||||||||||||||||||||
| Due to affiliates | ||||||||||||||||||||
| Related Party | ||||||||||||||||||||
| Total due to affiliates | ||||||||||||||||||||
| Derivative instruments, measured at fair value | ||||||||||||||||||||
| Other liabilities | ||||||||||||||||||||
| VIE liabilities, measured at fair value | ||||||||||||||||||||
| Total liabilities | ||||||||||||||||||||
| Redeemable convertible preferred stock | ||||||||||||||||||||
| Series H Preferred Stock | ||||||||||||||||||||
| Series I Preferred Stock | ||||||||||||||||||||
| Total redeemable convertible preferred stock | ||||||||||||||||||||
| Equity: | ||||||||||||||||||||
| Preferred stock, $0.01 par value; 100,000,000 shares authorized, 7.5% Cumulative Redeemable Preferred Stock, Series E, 10,329,039 shares issued and outstanding as of September 30, 2026 and December 31, 2025 | ||||||||||||||||||||
| Series E Preferred Stock | ||||||||||||||||||||
| Common stock, $0.01 par value, 900,000,000 shares authorized, 75,881,209 and 81,553,982 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively | ||||||||||||||||||||
| Additional paid-in capital | ||||||||||||||||||||
| Accumulated other comprehensive income/(loss) | ||||||||||||||||||||
| Accumulated deficit | ||||||||||||||||||||
| Total stockholders' equity | ||||||||||||||||||||
| Non-controlling interest | ||||||||||||||||||||
| Total equity | ||||||||||||||||||||
| Total liabilities, redeemable convertible preferred stock and equity | ||||||||||||||||||||
| Preferred Stock, Shares Issued | ||||||||||||||||||||
| Series H Preferred Stock | ||||||||||||||||||||
| Series I Preferred Stock | ||||||||||||||||||||
| Series E Preferred Stock | ||||||||||||||||||||
| Preferred stock, shares outstanding (in shares) | ||||||||||||||||||||
| Series H Preferred Stock | ||||||||||||||||||||
| Series I Preferred Stock | ||||||||||||||||||||
| Series E Preferred Stock | ||||||||||||||||||||
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