CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Assets
Cash and cash equivalents	$ 66,789	$ 302,173
Restricted cash	107,046	148,523
Loans and preferred equity held for investment	2,678,315	2,518,925
Current expected credit loss reserve	(87,401)	(165,932)
Loans and preferred equity held for investment, net	2,590,914	2,352,993
Real estate, net	679,779	777,421
Receivables, net	45,591	38,732
Deferred leasing costs and intangible assets, net	27,646	47,172
Assets held for sale	0	5,170
Other assets	47,065	51,294
Total assets	3,564,830	3,723,478
Liabilities
Securitization bonds payable, net	977,082	1,087,074
Mortgage and other notes payable, net	414,060	619,055
Credit facilities	1,078,098	785,183
Accrued and other liabilities	63,709	82,625
Intangible liabilities, net	389	2,805
Escrow deposits payable	82,511	80,132
Dividends payable	20,576	20,793
Total liabilities	2,636,425	2,677,667
Commitments and contingencies (Note 14)
Stockholders’ equity
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	0	0
Common stock, $0.01 par value per share Class A, 950,000,000 shares authorized, 128,627,246 and 129,685,185 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	1,286	1,297
Additional paid-in capital	2,863,377	2,865,341
Accumulated deficit	(1,926,231)	(1,812,083)
Accumulated other comprehensive loss	0	(6,337)
Total stockholders’ equity	938,432	1,048,218
Noncontrolling interests in investment entities	(10,027)	(2,407)
Total equity	928,405	1,045,811
Total liabilities and equity	3,564,830	3,723,478
Primary beneficiary
Assets
Cash and cash equivalents	1,461	4,237
Restricted cash	9,149	61,194
Loans and preferred equity held for investment, net	1,151,496	1,218,140
Real estate, net	149,343	191,102
Receivables, net	16,053	11,455
Deferred leasing costs and intangible assets, net	3,544	7,209
Other assets	23,970	22,662
Total assets	1,355,016	1,515,999
Liabilities
Securitization bonds payable, net	977,082	1,087,074
Mortgage and other notes payable, net	96,348	165,810
Credit facilities	45,145	25,866
Accrued and other liabilities	8,074	9,229
Intangible liabilities, net	0	2,208
Escrow deposits payable	3,354	2,801
Total liabilities	$ 1,130,003	$ 1,292,988