v3.25.3
SEGMENT REPORTING
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
SEGMENT REPORTING
NOTE 15 — SEGMENT REPORTING
The Company has two reportable segments: Credit and Real Estate. Corporate/other represents all corporate level and unallocated items and includes the Company’s other asset management activities and expenses.
The Company’s chief operating decision maker (“CODM”) is the Company’s executive management team, which includes the Chief Executive Officer and Chief Financial Officer.

The CODM evaluates performance and allocates resources based on segment net income (loss). All expense categories on the statement of operations are significant and there are no other significant segment expenses that would require disclosure. The CODM uses net income (loss) to make key operating decisions, such as identifying attractive investment opportunities, evaluating underwriting standards, determining the appropriate level of leverage to enhance returns on equity and deciding on the sources of financing.
The following tables present segment reporting for the three and nine months ended September 30, 2025 and 2024 (in thousands):
Real EstateCredit
Corporate/Other (1)
Company Total
Three Months Ended September 30, 2025
Revenues:
Rental and other property income$27,438 $— $— $27,438 
Interest income— 77,023 — 77,023 
Total revenues27,438 77,023 — 104,461 
Expenses:
General and administrative132 664 6,106 6,902 
Interest expense, net5,748 37,424 — 43,172 
Property operating1,552 — 1,216 2,768 
Real estate tax1,146 — 95 1,241 
Expense reimbursements to related parties— — 3,707 3,707 
Management fees2,403 9,278 — 11,681 
Transaction-related— — 12 12 
Depreciation and amortization8,980 — — 8,980 
Increase in provision for credit losses
— 6,445 — 6,445 
Total expenses19,961 53,811 11,136 84,908 
Other income:
Gain on disposition of real estate and condominium developments, net
1,128 — 1,152 2,280 
Gain on investment in unconsolidated entities— 3,781 — 3,781 
Unrealized gain on equity securities
— 2,458 — 2,458 
Other income, net77 1,152 1,008 2,237 
Total other income
1,205 7,391 2,160 10,756 
Segment net income (loss)
$8,682 $30,603 $(8,976)$30,309 
Net income allocated to non-controlling interest
— 27 — 27 
Segment net income (loss) attributable to the Company$8,682 $30,576 $(8,976)$30,282 
Total assets as of September 30, 2025
$1,026,391 $3,786,524 $170,513 $4,983,428 
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(1)Includes condominium and rental units acquired via foreclosure during the year ended December 31, 2021.
Real EstateCredit
Corporate/Other (1)
Company Total
Nine Months Ended September 30, 2025
Revenues:
Rental and other property income$85,357 $— $68 $85,425 
Interest income— 232,630 — 232,630 
Total revenues85,357 232,630 68 318,055 
Expenses:
General and administrative259 1,982 17,425 19,666 
Interest expense, net17,454 115,806 — 133,260 
Property operating6,025 — 3,643 9,668 
Real estate tax3,285 — 278 3,563 
Expense reimbursements to related parties— — 10,121 10,121 
Management fees7,075 28,017 — 35,092 
Transaction-related114 — 41 155 
Depreciation and amortization27,578 — — 27,578 
Real estate impairment7,674 — — 7,674 
Increase in provision for credit losses
— 73,423 — 73,423 
Total expenses69,464 219,228 31,508 320,200 
Other income:
Gain on disposition of real estate and condominium developments, net
1,539 — 6,337 7,876 
Gain on investment in unconsolidated entities— 7,703 — 7,703 
Unrealized gain on equity securities
— 3,648 — 3,648 
Other income, net136 2,603 2,829 5,568 
Total other income
1,675 13,954 9,166 24,795 
Segment net income (loss)
$17,568 $27,356 $(22,274)$22,650 
Net income allocated to non-controlling interest
— 59 — 59 
Segment net income (loss) attributable to the Company$17,568 $27,297 $(22,274)$22,591 
Total assets as of September 30, 2025
$1,026,391 $3,786,524 $170,513 $4,983,428 
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(1)Includes condominium and rental units acquired via foreclosure during the year ended December 31, 2021.
Real EstateCredit
Corporate/Other (1)
Company Total
Three Months Ended September 30, 2024
Revenues:
Rental and other property income
$22,829 $— $99 $22,928 
Interest income
— 98,430 — 98,430 
Total revenues
22,829 98,430 99 121,358 
Expenses:
General and administrative
115 627 5,208 5,950 
Interest expense, net5,814 54,820 — 60,634 
Property operating
965 — 1,364 2,329 
Real estate tax
658 — 219 877 
Expense reimbursements to related parties— — 3,864 3,864 
Management fees2,008 10,194 — 12,202 
Transaction-related
— 2 — 2 
Depreciation and amortization
7,381 — — 7,381 
Real estate impairment9 — 3,477 3,486 
Increase in provision for credit losses— 24,527 — 24,527 
Total expenses16,950 90,170 14,132 121,252 
Other income (expense):
Gain on disposition of real estate and condominium developments, net
— — 1,210 1,210 
Gain on investment in unconsolidated entities
— 4,608 — 4,608 
Unrealized gain on equity security
— 4,486 — 4,486 
Other income (expense), net
120 (3,730)1,465 (2,145)
Loss on extinguishment of debt
— (950)— (950)
Total other income
120 4,414 2,675 7,209 
Segment net income (loss)
$5,999 $12,674 $(11,358)$7,315 
Net income allocated to noncontrolling interest— 3 — 3 
Segment net income (loss) attributable to the Company$5,999 $12,671 $(11,358)$7,312 
Total assets as of September 30, 2024
$1,054,259 $4,091,734 $219,854 $5,365,847 
__________________________________
(1)Includes condominium and rental units acquired via foreclosure during the year ended December 31, 2021.
Real EstateCredit
Corporate/Other (1)
Company Total
Nine Months Ended September 30, 2024
Revenues:
Rental and other property income
$70,778 $— $286 $71,064 
Interest income
— 306,594 — 306,594 
Total revenues
70,778 306,594 286 377,658 
Expenses:
General and administrative
360 2,630 15,221 18,211 
Interest expense, net17,436 172,711 — 190,147 
Property operating
2,791 — 5,868 8,659 
Real estate tax
2,532 — 796 3,328 
Expense reimbursements to related parties— — 10,583 10,583 
Management fees6,180 31,326 — 37,506 
Transaction-related
— 20 48 68 
Depreciation and amortization
24,320 — — 24,320 
Real estate impairment51,478 — 8,940 60,418 
Increase in provision for credit losses— 308,542 — 308,542 
Total expenses105,097 515,229 41,456 661,782 
Other income (expense):
Gain on disposition of real estate and condominium developments, net
— — 4,460 4,460 
Gain on investment in unconsolidated entities
— 9,875 — 9,875 
Unrealized loss on equity security
— (11,156)— (11,156)
Other income, net268 651 3,948 4,867 
Loss on extinguishment of debt
— (950)— (950)
Total other income (expense)
268 (1,580)8,408 7,096 
Segment net loss
$(34,051)$(210,215)$(32,762)$(277,028)
Net income allocated to noncontrolling interest— 3 — 3 
Segment net loss attributable to the Company
$(34,051)$(210,218)$(32,762)$(277,031)
Total assets as of September 30, 2024
$1,054,259 $4,091,734 $219,854 $5,365,847 
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(1)Includes condominium and rental units acquired via foreclosure during the year ended December 31, 2021.