CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Assets
Cash and cash equivalents	$ 113,378	$ 302,173
Restricted cash	108,189	148,523
Loans and preferred equity held for investment	2,363,215	2,518,925
Current expected credit loss reserve	(126,905)	(165,932)
Loans and preferred equity held for investment, net	2,236,310	2,352,993
Real estate, net	719,711	777,421
Receivables, net	43,379	38,732
Deferred leasing costs and intangible assets, net	35,629	47,172
Assets held for sale	0	5,170
Other assets	47,860	51,294
Total assets	3,304,456	3,723,478
Liabilities
Securitization bonds payable, net	976,998	1,087,074
Mortgage and other notes payable, net	415,182	619,055
Credit facilities	778,671	785,183
Accrued and other liabilities	68,190	82,625
Intangible liabilities, net	835	2,805
Escrow deposits payable	75,794	80,132
Dividends payable	20,756	20,793
Total liabilities	2,336,426	2,677,667
Commitments and contingencies (Note 13)
Stockholders’ equity
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively	0	0
Common stock, $0.01 par value per share Class A, 950,000,000 shares authorized, 129,732,929 and 129,685,185 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively	1,297	1,297
Additional paid-in capital	2,866,411	2,865,341
Accumulated deficit	(1,891,295)	(1,812,083)
Accumulated other comprehensive loss	0	(6,337)
Total stockholders’ equity	976,413	1,048,218
Noncontrolling interests in investment entities	(8,383)	(2,407)
Total equity	968,030	1,045,811
Total liabilities and equity	3,304,456	3,723,478
Primary beneficiary
Assets
Cash and cash equivalents	1,399	4,237
Restricted cash	15,069	61,194
Loans and preferred equity held for investment, net	1,126,186	1,218,140
Real estate, net	165,847	191,102
Receivables, net	13,371	11,455
Deferred leasing costs and intangible assets, net	8,315	7,209
Other assets	25,340	22,662
Total assets	1,355,527	1,515,999
Liabilities
Securitization bonds payable, net	976,998	1,087,074
Mortgage and other notes payable, net	96,804	165,810
Credit facilities	45,145	25,866
Accrued and other liabilities	12,766	9,229
Intangible liabilities, net	298	2,208
Escrow deposits payable	3,419	2,801
Total liabilities	$ 1,135,430	$ 1,292,988