Multi-family Loans, at Fair Value - (Tables)

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Mezzanine Loans and Preferred Equity Investments

Multi-family loans consist of the following as of December 31, 2025 and 2024, respectively (dollar amounts in thousands):


	December 31, 2025		December 31, 2024
Investment amount	$	59,102	$	90,485
Unrealized losses, net	(3,626)		(4,293)

Total, at Fair Value	$	55,476	$	86,192

During the years ended December 31, 2025 and 2024, the Company invested in subordinated securities issued by Freddie Mac-sponsored residential loan securitizations, resulting in the initial consolidation of the VIEs as shown below, respectively (dollar amounts in thousands):


	For the Years Ended December 31,
	2025		2024
Residential loans, at fair value	$	247,405	$	285,057
Collateralized debt obligations, at fair value	(235,226)		(275,200)
Net investment	$	12,179	$	9,857

The following tables present condensed statements of operations for non-Company-sponsored VIEs for the years ended December 31, 2025, 2024 and 2023, respectively (dollar amounts in thousands). The following tables include net (loss) income from assets and liabilities of disposal group held for sale and intercompany balances have been eliminated for purposes of this presentation.


	For the Year Ended December 31,
	2025
	Consolidated SLST		Consolidated Real Estate		Total
Interest income	$	50,970	$	—	$	50,970
Interest expense	37,547		—		37,547
Total net interest income	13,423		—		13,423

Income from real estate	—		68,212		68,212
Expenses related to real estate	—		76,887		76,887
Total net loss from real estate	—		(8,675)		(8,675)

Unrealized gains, net	8,460		—		8,460
Gains on derivative instruments, net	—		57		57
Impairment of real estate	—		(7,180)		(7,180)
Other income	—		8,652		8,652
Total other income	8,460		1,529		9,989

Net income (loss)	21,883		(7,146)		14,737
Net loss attributable to non-controlling interest in Consolidated VIEs	—		11,391		11,391
Net income attributable to Company	$	21,883	$	4,245	$	26,128


	For the Year Ended December 31,
	2024
	Consolidated SLST		Consolidated Real Estate		Total
Interest income	$	39,194	$	—	$	39,194
Interest expense	26,491		—		26,491
Total net interest income	12,703		—		12,703

Income from real estate	—		121,463		121,463
Expenses related to real estate	—		163,762		163,762
Total net loss from real estate	—		(42,299)		(42,299)

Unrealized gains, net	2,902		—		2,902
Gains on derivative instruments, net	—		2,788		2,788
Impairment of real estate	—		(43,959)		(43,959)
Loss on reclassification of disposal group	—		(14,636)		(14,636)
Other income	—		26,031		26,031
Total other income (loss)	2,902		(29,776)		(26,874)

Net income (loss)	15,605		(72,075)		(56,470)
Net loss attributable to non-controlling interest in Consolidated VIEs	—		31,924		31,924
Net income (loss) attributable to Company	$	15,605	$	(40,151)	$	(24,546)


	For the Year Ended December 31,
	2023
	Consolidated SLST		Consolidated Real Estate		Total
Interest income	$	34,061	$	—	$	34,061
Interest expense	24,506		—		24,506
Total net interest income	9,555		—		9,555

Income from real estate	—		160,407		160,407
Expenses related to real estate	—		192,018		192,018
Total net loss from real estate	—		(31,611)		(31,611)

Unrealized losses, net	(10,016)		—		(10,016)
Gains on derivative instruments, net	—		4,837		4,837
Impairment of real estate	—		(89,548)		(89,548)
Loss on reclassification of disposal group	—		(16,163)		(16,163)
Other income	—		2,728		2,728
Total other loss	(10,016)		(98,146)		(108,162)

Net loss	(461)		(129,757)		(130,218)
Net loss attributable to non-controlling interest in Consolidated VIEs	—		29,134		29,134
Net loss attributable to Company	$	(461)	$	(100,623)	$	(101,084)

Schedule of Preferred Equity and Mezzanine Loans, Fair Value Compared to Unpaid Principal

The table below presents the fair value and aggregate unpaid principal balance of the Company's multi-family loan in non-accrual status as of December 31, 2025 and 2024 (dollar amounts in thousands):



Days Late	Fair Value (1)		Unpaid Principal Balance



90 +	$	—	$	3,363

(1)The Company has reduced the fair value of the multi-family loan to zero as a result of developments with respect to the property, its financing and market conditions.

Schedule of Geographic Concentration of Credit Risk Exceeding 5% of Balances

The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of residential loans, at fair value as of December 31, 2025 and 2024, respectively, are as follows:


	December 31, 2025						December 31, 2024
	Residential loans		Consolidated SLST		Residential loans held in securitization trusts		Residential loans		Consolidated SLST		Residential loans held in securitization trusts
Ohio	10.7	%	3.5	%	3.9	%	3.6	%	1.6	%	2.0	%
Pennsylvania	10.1	%	3.8	%	5.5	%	5.1	%	3.9	%	3.8	%
New Jersey	8.9	%	6.3	%	6.4	%	8.0	%	6.8	%	5.2	%
Florida	7.0	%	8.6	%	10.1	%	10.4	%	9.1	%	12.2	%
New York	6.7	%	10.7	%	6.6	%	6.6	%	10.8	%	6.6	%
Texas	5.2	%	4.4	%	6.7	%	6.2	%	4.4	%	7.9	%
Illinois	3.6	%	7.4	%	3.3	%	2.2	%	6.3	%	3.1	%
California	3.4	%	11.2	%	16.8	%	23.0	%	11.7	%	20.2	%

The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of residential loans held for sale, at fair value as of December 31, 2025 are as follows:


	December 31, 2025
Ohio	13.8	%
Georgia	12.0	%
New York	11.9	%
New Jersey	9.2	%
Texas	8.9	%
Pennsylvania	7.2	%
Tennessee	5.0	%

The geographic concentrations of credit risk exceeding 5% of the total multi-family loan investment amounts as of December 31, 2025 and 2024, respectively, are as follows:


	December 31, 2025		December 31, 2024
Texas	57.8	%	36.1	%
Florida	18.6	%	11.6	%
Arkansas	9.3	%	10.3	%
Indiana	8.5	%	5.6	%
Pennsylvania	5.7	%	3.7	%

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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