SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

SEGMENT INFORMATION

SEGMENT INFORMATION

As described in Note 1 included in these consolidated financial statements, the Company operates as a single reportable segment, which derives its revenues by directly originating and managing a diversified portfolio of CRE debt-related investments. The Company manages its business activities on a consolidated basis and the accounting policies of the segment are the same as those described in Note 2 included in these consolidated financial statements. The Company’s Chief Operating Decision Maker (“CODM”) is the chief executive officer.

The CODM assesses performance for the segment and decides how to allocate resources based on net income (loss) attributable to common stockholders. The measure of segment assets is reported in the consolidated balance sheets as total assets.

The following table summarizes the information about segment net income (loss) and significant segment expenses for the three months ended March 31, 2026 and 2025 ($ in thousands):

	For the Three Months Ended March 31,
	2026		2025
Net interest margin	$	7,545	$	9,291
Revenue from real estate owned	5,915		5,657
Total revenue	13,460		14,948
Expenses from real estate owned	(3,134)		(4,495)
(Provision for) reversal of current expected credit losses, net	(11,138)		5,340
Realized losses on loans	(3,340)		—
Other segment items (1)	(5,453)		(6,448)
Segment net income (loss)	(9,605)		9,345
Adjustments and reconciling items	—		—
Net income (loss) attributable to common stockholders	$	(9,605)	$	9,345

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(1)Other segment items included in Segment net income (loss) include, as applicable, management and incentive fees to affiliate, professional fees, general and administrative expenses, general and administrative expenses reimbursed to affiliate and income tax expense (benefit), including excise tax.