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SEGMENT REPORTING
 3 Months Ended
Mar. 31, 2026
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 months ended March 31, 2026 and 2025 (in thousands):
Real EstateCredit
Corporate/Other (1)
Company Total
Three Months Ended March 31, 2026
Revenues:
Rental and other property income$25,768 $— $— $25,768 
Interest income— 71,818 — 71,818 
Total revenues25,768 71,818 — 97,586 
Expenses:
General and administrative132 357 5,855 6,344 
Interest expense, net5,814 31,555 — 37,369 
Property operating1,862 — 839 2,701 
Real estate tax1,234 — 72 1,306 
Expense reimbursements to related parties— — 3,065 3,065 
Management fees3,062 8,566 — 11,628 
Transaction-related— — — — 
Depreciation and amortization8,830 — — 8,830 
Decrease in provision for credit losses
— (7,123)— (7,123)
Total expenses20,934 33,355 9,831 64,120 
Other income (expense):
Gain on disposition of real estate and condominium developments, net
5,743 — — 5,743 
Loss on investment in unconsolidated entities
— (971)— (971)
Unrealized gain on equity securities
— 3,317 — 3,317 
Other income, net23 1,069 707 1,799 
Loss on extinguishment of debt— (282)— (282)
Total other income
5,766 3,133 707 9,606 
Segment net income (loss)
$10,600 $41,596 $(9,124)$43,072 
Segment net income allocated to non-controlling interest
— 44 — 44 
Segment net income (loss) attributable to the Company$10,600 $41,552 $(9,124)$43,028 
Total assets as of March 31, 2026
$1,051,999 $3,568,017 $105,544 $4,725,560 
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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 March 31, 2025
Revenues:
Rental and other property income
$28,740 $— $68 $28,808 
Interest income
— 77,596 — 77,596 
Total revenues
28,740 77,596 68 106,404 
Expenses:
General and administrative
67 679 4,869 5,615 
Interest expense, net5,821 39,429 — 45,250 
Property operating
1,643 — 822 2,465 
Real estate tax
886 — 118 1,004 
Expense reimbursements to related parties— — 3,003 3,003 
Management fees2,296 9,427 — 11,723 
Transaction-related
53 — 6 59 
Depreciation and amortization
8,828 — — 8,828 
Real estate impairment7,026 — — 7,026 
Increase in provision for credit losses— 61,777 — 61,777 
Total expenses26,620 111,312 8,818 146,750 
Other income:
Gain on disposition of real estate and condominium developments, net
418 — 1,134 1,552 
Gain on investment in unconsolidated entities
— 1,011 — 1,011 
Unrealized gain on equity security
— 3,300 — 3,300 
Other income, net
41 682 886 1,609 
Total other income
459 4,993 2,020 7,472 
Segment net income (loss)
$2,579 $(28,723)$(6,730)$(32,874)
Segment net income allocated to noncontrolling interest
— 9 — 9 
Segment net income (loss) attributable to the Company$2,579 $(28,732)$(6,730)$(32,883)
Total assets as of March 31, 2025
$1,033,963 $3,979,735 $160,414 $5,174,112 
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(1)Includes condominium and rental units acquired via foreclosure during the year ended December 31, 2021.