SEGMENT REPORTING (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Information

The following tables present segment reporting for the three months ended March 31, 2026 and 2025 (in thousands):


			Real Estate						Credit						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 revenues			25,768						71,818						—						97,586
Expenses:
General and administrative			132						357						5,855						6,344
Interest expense, net			5,814						31,555						—						37,369
Property operating			1,862						—						839						2,701
Real estate tax			1,234						—						72						1,306
Expense reimbursements to related parties			—						—						3,065						3,065
Management fees			3,062						8,566						—						11,628
Transaction-related			—						—						—						—
Depreciation and amortization			8,830						—						—						8,830

Decrease in provision for credit losses			—						(7,123)						—						(7,123)
Total expenses			20,934						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, net			23						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 Estate						Credit						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, net			5,821						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 fees			2,296						9,427						—						11,723
Transaction-related			53						—						6						59
Depreciation and amortization			8,828						—						—						8,828
Real estate impairment			7,026						—						—						7,026
Increase in provision for credit losses			—						61,777						—						61,777
Total expenses			26,620						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.